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Olympic factor already raising property prices in Vancouver

In the first quarter of 2008 property prices rose 13.5% according to the British Columbia Real Estate Association. But they are expected to rocket in the run up to the 2010 winter Olympics.

Adding to the appeal is Vancouver being voted the world's most liveable city by the influential Economist magazine. It was especially rated for it high quality of life and the beauty of the surrounding area.

Preparations for the Olympics are also improving much of the city's infrastructure, with new venues and facilities being built, and the creation of the Canada Line Transit system linking the airport to downtown by rail for the first time. The road that links Vancouver to the main ski area of Whistler is also being improved at a cost of 775 million Canadian dollars.

On the last remaining piece of waterfront in the City of Vancouver 1,200 homes are being built, which will act as the Athletes Village for the duration of the Winter Olympics, but which is now being marketed for sale to the public with completion in Spring 2010.

'Overall inflation is low as are interest rates, while commodity prices remain strong, and job growth and immigration are on the rise. Vancouver has a reputation as friendly, clean, safe, and stable place to live. All the indicators are that the best is yet to come,' said Gerry Quirke of British Columbia Properties,

According to Frances Field, a finance analyst in the city, investors need to take a close look at which areas of Vancouver are being positively affected by the 2010 Winter Olympics, where amenities, facilities and infrastructure are being improved upon or added to and then consider whether the benefit will be for commercial or residential interest and purchase property accordingly.

'In terms of what property to buy in Whistler, anything that will let out to short term tourism traffic will generate the best income potential and be the easiest type of real estate to resell. Bear in mind that those coming for winter sports need to be within very easy reach of slope access as well as close to social amenities,' he added.

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