Realtors Pitch Vancouver to Soak Up Capital Flight From Brexit - Bloomberg

.Realtors Pitch Vancouver to Soak Up Capital Flight From Brexit - Bloomberg

Gadfly: Please Check Your Safe Havens at the Door, Brexiters

In the days since, Kriter has met with one Asian commercial real estate lender who decided to freeze plans for a multimillion-dollar financing deal in London and is considering channeling that money to North America instead. Cushman & Wakefield is organizing a client day in July, potentially in New York, to discuss the early implications of Brexit’s fallout.

“You have this phenomenal amount of capital that’s looking to be placed in commercial real estate, and it’s very fluid,” said Kriter. “Foreign investors view Canada as an island of certainty.”

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In the last decade, central London saw the biggest increase in residential property prices of any major city as the favored destination for global capital seeking a stable sanctuary. Nearly three out of every four newly built homes in 2013 were bought by foreign buyers, half of them from Asia, according toKnight Frank LLP. Similarly on the commercial side,70 percent of central London purchases were by foreigners in 2015.