Vancouver's housing market continues to break records despite a softening market in the U.S.
Luxury home sales in Vancouver are stronger than ever and our economy is strong. The loonie is being helped by the strength of the oil & gas market, resource sector, and Canada's manufacturing shipments rose 2.3 per cent, hitting $50 billion in July, Statistics Canada reported Friday. That latter number is the highest level since March.
Some analysts say the soaring loonie could now reach parity with the U.S. dollar within a month or two. BNN's Michael Hainsworth says this has more to do with the weakness of the greenback than the strength of the loonie.
"There is increasing chatter of a recession stateside, and that's got foreigners selling the greenback and looking for a place to put their money," Hainsworth told CTV Toronto.
Anyone looking for a safe place to put their money need look no further than Vancouver real estate. "An economy firing on all cylinders like ours is a popular destination."