Canada’s real estate market luring buyers from the United States, Europe and Asia

Canadian real estate is attracting the interest of foreign investors, says the president of Coldwell Banker Real Estate’s operations in this country.

John Geha

Canadian real estate is attracting the interest of foreign investors, says the president of Coldwell Banker Real Estate’s operations in this country.

John Geha, who was in Red Deer on this week to conduct a management development workshop, said Canada’s low dollar, cheap interest rates, diminished property values and stable banking system makes it attractive to buyers elsewhere.

“There’s a lot of money coming up from the States, but also the Asian markets and the European markets coming into Canada,” he said.

Mountains, oceans and other natural features, as well as economic drivers like natural resource development and manufacturing, are also helping generate interest, he added.

“There are so many positive things that we see in the markets here that is opening the real estate industry to multiple buyers from all over the world.”

The Chinese in particular are seeking opportunities in Canada, with British Columbia and Alberta high on their list of preferred locations, he said.

The property they are interested in includes both residential and commercial. Some buyers are looking strictly for investment purposes, while others hope to make Canada their future home.

As domestic demand grows, there will be upward pressure on prices, he said.

Also entering the real estate market in greater numbers are first-time home-buyers, said Geha. Many of these, as well as home owners looking to move into bigger or better houses, were squeezed out of the picture during the recent housing boom.

“We’re going to have such a pent-up demand when the market turns that we have to be ready in the business to deal with all the potential new buyers that are coming onto the market.”

Geha said he’s already seeing signs that the real estate market is turning around: attendance at open houses and multiple offers on listed properties. Some of this activity is being generated by the warmer weather, he said, but other factors are at play.

“It’s consumer confidence. I think once you feel that your job is secure, and you have withstood any additional layoffs within your company, you will make some decisions.”

With more home sales, said Geha, come spin-offs. At least 360 products are purchased to outfit a new home.

Federal stimulus programs will also have a positive impact, he added, as infrastructure projects increase the flow of money.

“That will drive revenue into the market and that will drive new buyers into the market.”

Earlier this week, Coldwell Banker released the results of a North American survey that found many first-time home-buyers want property that’s beyond their means. It attributed this to young people’s expectations being influenced by their parents’ lifestyle.

While it’s a good idea to purchase a home as soon as possible, said Geha, buyers should be willing to settle for something modest and then move up when they have the financial resources to do so.

“You don’t have to buy that big home right now,” he said, adding that it can also be a mistake to postpone a house purchase because you can’t afford an extravagant property.

Just Posted

City Hall Park construction begins next week

Construction to update Red Deer’s City Hall Park is set to begin… Continue reading

PHOTOS: Jazz at the Lake begins

The 16 annual event began Friday and runs until Sunday in Sylvan Lake

Photos: Lunchtime tunes on Alexander Way

Final concert of the summer

Clearwater regional firefighters in B.C.

Crew operating west of Prince George

PHOTOS: Samson Cree Nation Pow Wow

The Samson Cree Nation hosted its annual Pow Wow, celebrating youth last weekend

WATCH: Feasting at Red Deer Ribfest this weekend

Ribfest runs until Sunday at Rotary Recreation Park

Street Tales: Life is filled with unlearned lessons

There are days that I almost believe evolutionists in that we are… Continue reading

Canadians believe in immigration but concerned about asylum seekers: study

OTTAWA — Canadians are generally supportive of current immigration levels, a survey… Continue reading

Quebec announces plan to compensate taxi drivers after Uber’s arrival

MONTREAL — The Quebec government has outlined how it intends to compensate… Continue reading

Hospitals to see ‘delays’ in care after losing Saudi students, health group says

OTTAWA — The loss of Saudi Arabian resident physicians in Canada’s hospitals… Continue reading

PHOTOS: B.C. city wakes up to darkness under wildfire smoke

The rest of the province also dealing with thick haze as smoky skies continue

Death Valley worker has seen highest, lowest temperatures

LAS VEGAS — Thousands of tourists descend on Death Valley each summer… Continue reading

Banff’s Sunshine ski resort upset with proposed guidelines from Parks Canada

BANFF, Alta. — An internationally known ski resort in Banff National Park… Continue reading

Folk singer Ian Tyson cancels show due to ‘serious medical situation’

TORONTO — Canadian folk singer-songwriter Ian Tyson has cancelled his appearance at… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month