Canadians buying in Las Vegas
For the last several months, more and more Canadians are buying up Las Vegas property. With housing prices dropping to new lows and the strong Canadian dollar, it makes perfect sense. While this is good news for agents in Las Vegas, its bad news for Canadian agents. I was reading a post about real estate in Parry Sound, Ontario Canada that states the Canadian resort property market is slowing down and part of the reason is property sales in US. You can read the post here.
The big question is whether the recent financial meltdown and subsequent bailout will continue to draw in foreign investors or will it scare them off. Several overseas property markets are feeling similar pinches as are their major banking institutions. At the beginning of the year, CTV was talking about the US recession (what recession?!) and whether it would affect the Canadian housing market. They theorized that a slowdown here could actually boost the Canadian housing market. Apparently they were right and wrong.
Canadians are still coming to buy Las Vegas vacation homes and condos. With the fed lowering interest rates again, I don't think they'll stop buying any time soon.
Labels: real-estate
posted by Jade456 @ 1:45 PM
2 Comments:
Even though your house prices have been dropping, our dollar has been taking a nose dive. In the last month our dollar went from buying $0.95 cents US to under $0.80 US and less than 6 months ago we were at par. I can see the investment being attractive for Canadians but they must tax us higher too.
To answer your question about foreign investment. It is my gut instinct that we are about 18 months away from the start of the recovery. I am not sure if we have hit bottom but I hope that we don't go any further.
If Obama's plans go through and he starts the biggest Public Works Program since World War 2 there are a lot of pluses for investors.
Yes, they have to go in when it hurts but with the infastructure upgrades that are coming properties will benefit from newer schools, roads, and utilities.
I am thinking that UNLV in particular will benefit from the projects as their National Supercomputing Center for Energy and Enviroment will be one of the places in the west chosen to help with these projects. Government money would recieve a great deal of money to build computer models of the impact of these projects.
In the last works program they built a lot of stadiums. Sam Boyd Stadium is not old enough to warrant a replacement but there are some needs for updates to the stadium with the UFL planning to ad a team and the success of the Las Vegas Bowl they may start to look at adding more boxes, parking and expanding the high priced seats.
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