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The Canadians are coming, the Canadians are coming! Are Colombia realty companies ready to help?
Real estate, around the world, has become a very fluid inter-connected investment market. A few years ago when U.S. home sales boomed, each week, scores of Gringos (a friendly term here in Colombia) purchased apartments, houses and small farms in popular cities, such as Cartagena. Because of her rich history, image of pirates, romance, architectural magnificence and Caribbean beaches, Cartagena always been a favorite for international retirees and second home investors. This trend continues, as the "Baby Boom" generation in the U.S. is just getting started.
The second most popular city for foreigners is Medellin, which continues to captivate buyers as they visit and discover this dynamic and beautiful: City of Eternal Spring. Now that the U.S. housing market is in a slowdown, we´re finding that many Canadian´s are cashing out and investing a portion of their profits here in Colombia.
Bienveniedos Canadians.....you will love Colombia!
NOTE: Many Colombian realty companies are discovering that real estate has become an INTERNATIONAL BUSINESS. American real estate franchise companies are opening offices throughout Colombia. The one thing they all have in common is: each office has at least one agent who speaks English. The hundreds of realty companies, throughout Colombia, who year-after-year remain "on the fence" regarding catering to the International Market....over time, will close, or sell out to more progressive realty companies. The numbers of Buyer´s from Colombia, and other Spanish speaking countries, are minuscule when compared to the the millions of English speaking Internationals who are visiting and discovering true VALUE, along with a great LIFESTYLE, living and investing in Colombia.
Bucking the trend in other previously booming real estate markets, Canadian house prices maintained an "astounding" pace of growth in the second quarter of 2007, according to a new report that suggests the price increases will continue for the foreseeable future.
Royal LePage Real Estate Services predicts that Canadian house prices will climb by 9.5 percent on average to C$303,000 (approximately $287,000) by the end of the year, with the total number of sales rising 8 percent to more than 500,000 units.
"The momentum from the years extraordinary start spilled into the second quarter, compounding typically busy spring market activity and stimulating solid price appreciations in almost all regions of the country," Phil Soper, the president of Royal LePage, said in a press release. "The most profound story in Canadian real estate today is the extraordinary interest that people across our country continue to have in buying and selling homes."
Average condo prices climb 15% in second quarter
By category of home, the price of standard condominiums gained 15.1 percent in the second quarter from a year earlier to C$238,784 on average, and standard two-storey properties were up 13.2 percent at C$399,469, while detached bungalows saw the largest jump in prices with a rise of 15.4 percent to C$338,738.
The biggest gains in house prices occurred in the western provinces where an influx of workers has been spurred by the regions booming commodities industries, principally oil and gas.
According to a recent report by the Canadian Real Estate Association (CREA), British Columbia remained the most expensive province in which to purchase a home at the start of the second quarter, with the average resale price at C$431,909, while Prince Edward Island was the cheapest at C$135,019.
In Vancouver, British Colombia, the average price of a two-storey home is close to C$900,000, while in Toronto the same kind of property sells for just over C$500,000.
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Office: Bocagrande, Cra. 1 Calle 13 Edificio Cartagena de Indias - Local 1. Tel.: (57 5) 665 0515. Celular: (57) 311 660 2756. Cartagena de Indias, Colombia.
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