In Canada, Foreign investors are buying ski chalets and commercial properties, taking advantage of the low Canadian dollar.
The hard-hit Alberta market is seeing low property values because of the falling oil prices but it is also seeing increasing interest from investors overseas. According to The Jordan Times, Alberta's resort country has many attractive hot bargains. The owner of a New York information-technology business, Dave Smith, explains why he is looking for a property in Alberta, "Canada is absolutely gorgeous, but I'm on more of a time schedule because the dollar is so bad." He added, "It's crazy not to invest in it now because it's just a matter of time before it bounces back."
It may be disappointing to see that the local buyers have become less interested with Alberta but the hard-hit market is hoping the foreign investments especially in the mountain cities of Canmore and Banff would make up for the slump in its economy as unemployment continues to rise.
According to The Jordan Times, Christian Dubois of Sotheby's International Realty said, "Things dried up significantly until about six months ago, when the dollar started turning. In fairly strong numbers, we're starting to see inquiries coming again."
Dubois also mentioned that the increased interest was coming from investors in the United States and Britain in levels of demand that he had not observed since the mid-2000s. Rich foreign investors are also obtaining properties the neighboring British Columbia
Wealthy foreigners are also buying in the ski country in neighboring British Columbia, where the white hot Vancouver market is seeing benefits from the increasing investments for China.
Overall, the commercial property market is also reaping the benefits from foreign investments. Many investors are said to believe that Canadian properties are safe alternatives to low bond returns and volatile equity markets.
