Today’s leading business news on the CBC website reports the Canadian dollar hitting an all new low of under $0.79 to the US dollar. This is the lowest level in 6-years, when in mid-March 2009, the dollar dipped below 78 cents. Click here to read the CBC article.
This size of a foreign exchange gap equals an approximate 20% discount* on Whistler real estate for Americans. Purchasers with US dollar buying power can now purchase a Whistler home listed at $1.2M Cdn for $1M US*.
We will see an increase in the US purchaser – a factor that has had a strong effect on real estate market values in Whistler in the past. We are a world-class resort offering an unbelievable amount of winter, summer, spring and fall recreational options AND we are a short 2.5 hour drive from the US/Canada border. With real estate now being presented with a 20% discount for our American neighbours, how can this NOT have an effect on our market??
I will be watching this closely in the coming months. I am excited to watch the return of our American investors.
If you are curious about if/how this low Canadian dollar may affect the Whistler real estate market, call me today at 604-935-7913 and we can discuss! I would love to hear your opinion.
*depending on the exchange rate your bank gives you.