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There have been many articles from various sources saying that Vancouver real estate prices will come crashing like many other parts of the world. As I have noted in past blogs, we are different. We have cultural diversity and international recognition; economic and political stability; quality health care and education; moderate climate year round; spectacular mountain and water vistas; central transportation hub by land, air, and sea; abundance of fresh water and air; a relaxed west coast lifestyle. While we are not a tropical paradise, I believe we are the envy of the world. Many will say we are spoiled and that is why the world continues to flock here. With immigration, real estate values will continue to rise in the long term, regardless of the world economic situation.  The sales of high end goods continue to grow. Along Terminal Avenue a new flagship Mercedes Benz dealership (165,000 sq. ft.) is under construction on 3 acres. Immediately next door will be a new, 14,000 sq. ft., Porsche dealership also under construction.  Audi will be opening a new 56,000 sq. ft. store later this year. Nordstrom’s will be opening a 230,000 sq. ft. store by the spring of 2015 in the downtown core. These are just some of the big players named of many more to come. Some may believe that I’m an eternal optimist with a bias on real estate because it is what we do; however, are all these big brands heavily investing without some thought on where we are headed?

 

 

--Arthur Ng

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