Quote:
Originally Posted by cmyden
While it has some impact, I think it's becoming increasingly clear that home prices all across this great nation of ours bubbled up from 2005-2007 because of credit expansion. Of course, people in Vancouver will tell you it's because of the Olympics. Everyone has their own localized rationale.
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I don't think that's fair. Most people in Vancouver attribute very little of the rising real estate sales / prices to the Olympics. The main factors have been interest rates and a slow down in new construction reducing supply. I don't think even 1% of my buyers in the last year were heavily motivated by the Olympics.
Most of the developers I work with aren't banking on the Olympics either. The industry will pretty much shut down during it, and no one is expecting a huge influx of Olympic tourist spending on Real Estate. People seem to be quite cautious of banking on the Olympics and I think that's pretty smart.