Wednesday, November 07, 2007

Real Estate In Canada Is Slowing Down, But We Will Not See The Crash Some Regional Markets In The US Experienced

Real estate in Canada is slowing down, but we will not see the crash some regional markets in the US experienced.

Industry insiders are reporting that Canadian real estate will not be adversely affected by the high dollar or the poor US real estate market. Also check the Canadian market update by CNW Group News.

Condo high rises are still a big hit with Vancouver real estate investors. A recent high rise in Surrey sold out in 30 hours, setting a new record.

Condo buyers have set a new speed record in real estate sales in the Lower Mainland by snapping up all 901 units in a Surrey high-rise development in just 30 hours.

A record 545 units in the Sky Towers development were sold last Saturday, beating the previous one-day sale record of 536 sold at the Woodward's development in Vancouver's Downtown Eastside in April, 2006.

The final 356 condos sold on Sunday for prices starting at $179,900, half the cost of similar units in Vancouver, with total sales for the weekend reaching $280-million.

Sky Towers, which includes two high-rises of 36- and 40-storeys, will be the tallest of their type between Vancouver and Calgary. The project is being built by Korean developer Hee Yong Yang and is his second complex in the area. Mr. Yang, the founder of a 2,000-outlet fried-chicken franchise in South Korea, moved to Vancouver with his family in 2002.

Globe and mail has the story.

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