O Canada
March 1, 2005
During the last decade, Hollywood producers have regarded Canada as an enormous
back lot. “You see Vancouver double as Los Angeles, Toronto as Chicago
and
Montreal as anything from Paris to London to SoHo,” says
Nicholas
Barker, who
works with the Montreal Film and
Television Commission.
“American moviemakers
come here because
it has all of the convenience
of the States, but for a lot
less money.” While the film industry
initially came because of
the budget-priced
production costs, many of
its members
realized Canada offers another superb
value: real estate.
And
even though the loss of tax incentives has caused a
slight downturn
in movie production north of the border, Americans in the
entertainment
industry continue to snap up primary and
vacation residences with
enthusiasm. They aren’t alone. Viable
commuting distances for those who
do not
need to be in an
office daily, plenty of space and a
still-favorable exchange
rate have made Canadian metropolises prime
destinations for
U.S. citizens, a
trend reinforced by security concerns
and
political tension at home.
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A view of Toronto’s skyline at dusk.
(Click image to enlarge)Vancouver, sharing a time zone with Los Angeles and only three hours away by plane, reels in the greatest number of Americans. “They tend to see us as a safe haven,” says Irv Ridd, co-owner of Premier Canadian Properties Ltd., a Sotheby’s International Realty in Vancouver. “Although we’re a major hub, we’re not really a terrorist target. And we have all of the advantages of a big city, but without all of the crime.” The third largest city in Canada, with a population of about 2.5 million, Vancouver offers Americans a moderate climate with a diverse range of properties. As little as $1 million Canadian (CAD)—about $822,000 in U.S. dollars (USD)—buys an exceptional oceanfront home, and New York–style high-rise condominiums are far more affordable than their Park Avenue counterparts; high-end hobby farms outside the city sell for around $7.5 million CAD (about $6.2 million USD). “The largest buying sector we deal with is Americans,” says Ridd. “I just sold a house to a couple of lawyers in Atlanta who wanted something oceanfront, but couldn’t find anything that they liked on the eastern seaboard. It was a quick decision for them to buy. Even though we’re technically a foreign country, it’s an easy transaction, and it’s the kind of property you simply can’t buy anywhere else anymore—especially when you compare it to what you might acquire in Cape Cod or the Florida Keys.” The Canadian dollar may be growing stronger against American currency—at press time, $1 U.S. is roughly equal to $1.22 Canadian—but it hasn’t discouraged buying. “The volume of business has actually increased,” says Ridd. “Americans are comfortable dealing with a strong, well-managed country.”
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