As the year comes to a close, we turn our eyes to 2017 and what market trends may lie ahead. Here is a brief summary of noteworthy events in politics, tourism, and the economy from 2016 that are expected to impact global real estate movements, from panelists Carla Rayman, CIPS, e-PRO, GRI, and Patricia Tan CIPS, GRI, at the 2016 REALTORS® Conference & Expo in Orlando, FL, last month.
Neighbors to the North
Due to the strength of the dollar, Canadians are expected to cash out on their US vacation homes. Most Canadians with real estate investments on American soil will look to rent for a few years until the Canadian loonie strengthens. Then it will be back to buying.
In addition, a new 15% sales tax on foreign buyers in Vancouver are expected to cause a 10% real estate sales drop.
Europe and the Middle East
High unemployment rates in Spain, and now in Greece, are causing young people to look abroad for other employment and living opportunities.
The violence and security issues in Ukraine, Turkey, and the Middle East are also forcing people to shop for homes outside the region entirely.
The US Election
Despite a decline in Eco-Tourism, experts anticipate booming marijuana tourism in the influx of American states that legalized in this year’s election. You can see how marijuana in the 2016 election may affect your market here. Illinois’ legalization of medical marijuana is currently in effect.
For even more important global trends and their effects on real estate markets, check out NAR’s blog, 9 Global Trends That May Affect Your Market.