MIPIM Coverage: Canada beyond the Olympics
- Mar 19, 2010
March 19, 2010
JC Goldenstein, Founder and CEO, CREOpoint.com
REPORTING FROM MIPIM 2010 — Fresh off the successful hosting of the 2010 Winter Olympic Games, Canada is attempting to direct attention and investment to the relatively safe waters of its national property markets. Stability is their motto, and with the recent downturn in the global economy, the Canadian property market boasts both attractive market fundamentals as well as a strong positive outlook for the next century.
Vacancy rates are approximately 5%-10% lower than U.S. markets and net absorption showed positive results over the last calendar year. As a result, there are very few distressed properties within the market, and there is no unnecessary pressure forcing investors to make reactionary moves to extraordinary market forces.
Canada hopes that the lure of large natural resource reserves, in tandem with an economy that projects to rebound much quicker than other global markets, will be the distinguishing factor in driving more demand and investment in its property market.