If you’re looking for someone to blame for high house prices (anyone but locals!) you’ve got a new scapegoat: Americans.
The Province has an article saying the falling CAD means that US buyers are responsible for the biggest surge in the local market over the last year.
Asian buyers make up about 60 per cent of foreign buyers of Metro Vancouver real estate, according to a story published by the Financial Times on Good Friday.
But buyers from the U.S. accounted for the biggest surge in the Vancouver market in the past year, the story said.
The article also said the Vancouver market is unique because record prices seem to have little impact on buyers’ enthusiasm.
Read the full article here.