One of the more curious results of Alberta’s slowing economy is an increase in interest for property from foreign investors. Overseas investors, and many coming up from south of the border, have been coming to Canada, especially Alberta, in search of vacation property, real estate investment, and it could have a positive impact on the housing market and property values overall.
One of the major reasons for foreign investment right now comes from Canada’s low dollar. People from the United States and the United Kingdom have been travelling to Alberta for years, taking advantage of our world-class ski resorts and low sales tax, and are now eager to make a second home of the Wild Rose province. With a weak dollar, they are getting more bang for their buck and, as the Canadian and Albertan economy recovers, their investment will only grow in value.
British Columbia is also seeing a heavy interest from foreign investment because of their location, climate, and proximity to the ocean. Many realtors in B.C., in fact, are expecting an increase in interest from Chinese-Canadians . Many Candian ex-pats coming home for Chinese New Year are paid in American dollars instead of Chinese wan, which could also increase their buying power as the wan continues to decline.
Foreign investment in Alberta vacation properties can spell good tidings for the Alberta economy and real estate pricing, since it will increase demand and possibly drive up pricing. Each resulting purchase will also come with foreign money in the form of tourism, which can help Alberta recover as well. Rich in beautiful landscapes, world-class resorts and entertainment, and plenty of space to spread out and relax, Alberta’s tourism industry, and the resulting investments, could be a key part of our economic recovery. Foreign investment in many forms can also drive dollars into the economy from outside sources, can only do good things for Alberta as well.