Re-diculous posted a link to this story in the Vancouver Sun in the previous thread. Apparently some US owners of BC property are starting to cash out on their gains, particularly in light of the strong Canadian dollar. Is this a temporary adjustment or the start of a bigger trend?
Kelly said the activity amounts to only a handful of listings. But for some owners in Whistler – where property values have stagnated over the past few years – the recent gains for the dollar gives them a return on a property investment that hasn’t performed as well as they’d hoped.
Most of the article in anecdotal, but its backed up by some numbers from Landcor:
The net decline is just a blip, but Landcor’s numbers show that Americans sold property faster than they bought over the first 10 months of the year, and buying activity in 2007 has cooled compared with 2006.
Landcor counted 750 purchases by Americans registered in the land registry by the end of October, compared with 1,039 over the first 10 months of 2006. Matched against the net change in ownership, B.C. saw 933 more sales by Americans than purchases.
“So definitely, [Americans] are selling,” Landcor president Rudy Nielsen said in an interview.
Looks like a few people understand the ‘sell high’ concept.