This week, the United Kingdom’s vote to leave the European Union continued to resonate in financial markets. While here in Vancouver we were, as always, fixated on real estate.
Earlier this week, six British commercial property funds froze their funds to prevent skittish investors from withdrawing their money. The pound continues to lie at a 30-year low, which may not provide the benefit to British exports you might expect. Today the International Monetary Fund downgraded growth projections for the Eurozone. Meanwhile, if you were wondering what the Union Jack would look like without the St. Andrew’s cross, the Atlantic has you covered.
But let’s get to the important stuff: Could Brexit add more sizzle to hot real estate markets in Vancouver and Toronto? And never mind owning a home, millennials can’t even afford to rent in Vancouver.
The government's 3% figure drew "rolling eyeballs and laughter" at a recent Asian real estate conference in Vancouver.
“It is way, way higher than that,” said Byron Burley, Shanghai-based vice-president of Chinese-language juwaii.com, China’s largest foreign residential real estate search engine.