After a number of the things that are meant to protect the Vancouver real estate market from ever going down turned out to be not so effective in some big US markets I’ve been a touch worried about our local market. What if it’s not different this time? What if rich foreigners, drug dealers and wealthy boomers were to one day just not show up to buy at ever increasing prices?
Well my worry is gone today after good news from the Globe and Mail: Wealthy athletes want your condo!
Ross Rebagliati may be known as the first snowboarder to win Olympic gold, but his real estate investments have put him at the top of his game.
Mr. Rebagliati made his first purchase at 20, when he bought a Whistler, B.C., home for $200,000, using racing prize money as a small down payment. He later sold the property for $385,000 and that’s when, he says, a “light bulb went off.” He realized that real estate could be more lucrative than the $50,000 a year he was making as a professional snowboarder.
Why do I know this is a good sign for our own local market? Because “as an athlete, failure is not an option.”