How much will a house or condo in Vancouver cost after the winter Olympics? Will prices crash or increase forever? Who knows. I’m not going to predict where Vancouver real estate prices will go in the next few years, but I did find some interesting info about one prior host city.
Apparently Salt Lake City Utah is a tremendous ground floor investment opportunity, currently undervalued compared to other US real estate. You may want to cash in on the ‘Olympic effect’ and the great exchange rate by buying property there now. According to this article in the Salt Lake Tribune (pdf) their housing market had a post games slump, but in 2006 they started to see price appreciation again.
Four years after the slopes around Park City attracted international attention for hosting many of Salt Lake City’s Olympic events, the area has shaken off the financial curse that has often hit host cities following the Games and is undergoing a real-estate boom.
So why won’t I predict where Vancouver prices are going and when? Because its too tough to get the timing right, and sometimes you get the timing dead wrong. Then you get quotes like this one from Bruce Benham, Chief Operating Officer of RE/MAX international posted on realestatevancouver2010.com:
We’re all aware of the dramatic headlines proclaiming the inevitable “housing bubble” that will reportedly cripple the real estate industry, and the entire U.S. economy, when it eventually bursts. But you know better. And I hope your clients do too.
That article was from july 29th, 2005. Anyone know how their market has done since then? hint: not great.