Home prices in Canada have risen substantially over the past several years. The rise in house prices has been more drastic in Vancouver than in Canada’s other major cities. Canada has been designated as a great destination for immigrants, especially for people from the Far East. In general, low interest rates encourage investment because the servicing costs of the funds borrowed are relatively low. In Canada more specifically in Vancouver the supply of houses for sale is low and the demand by foreign purchasers is drastic which drove the property values to levels never seen before. In fact a peak in Vancouver real state pricing has been reached this past July. The enormous demand in Vancouver real state is a result of immigrants considering Canadian cities as an ideal place to live in. This is specifically true for the city of Vancouver. The major reason for this is as follows: it is a clean and safe city, it offers natural beauty in the form of mountains and sea landscape. Furthermore, it has many amenities found in major cities but at a higher standard. For example reliable policing, fire departments and an accessible health care system which is available to everyone. Overall, the love of Vancouver by foreigners has attracted many of them to this city and more are expected to arrive in the near future.

 Citation: Reuters. “Canadian home prices scale new heights.” 28 September 2011. Web. 19 October. 2011. <http://www.bnn.ca/News/2011/9/28/Home-price-index-hits-record-high-in-July.aspx>

Picture: Analytical Software Packages.Inc. 29 August 2011. Web. 19 October. 2011. <http://www.vancouver-cruises.com/>