We Assess the 2010 Olympic Home Rental Market

Take a good look at the Vancouver Olympic home rental market.  Many families are willing to take the risk and rent out their homes for the very first time with hopes that there will be a lucrative rental contract to balance the risk.  Not since 1986 when the World Exposition focused the attention of the world on our door has there been so much general anticipation of the possibilities.  Unlike other homeowners world wide, we Vancouverites are relative neophytes when it comes to handing over the keys to our most prized possession, our homes.  As residents in this vibrant, world class city, we take so much for granted.  We are constantly reminded of the enthusiasm of strangers for our city and surrounding areas.  But what can we as hosts and homeowners realistically expect the world to pay to use our homes for this short Olympic visit?

Vancouver currently holds the honor of having the most expensive real estate in the country.  The price of the average home in Vancouver is 42% higher than that of the next most costly market, Calgary, who’s recent housing bubble was built on the oil boom of the last 5 years; 46% higher than Toronto, our truly world class city and the ‘centre of the Canadian commerce engine’; 109% higher than Montreal and fully 131% higher than the Halifax at the heart of the East Coast off-shore oil boom.  With real estate markets melting down across America, Vancouver holds relatively firm.

Other world-class real estate markets including New York, London, Paris, San Francisco, Miami would command top dollar to host the world. In fact the 2012 summer Olympics will be hosted by London, currently one of the most costly cities in the world to visit.  With their strong British Pound, the housing costs to accommodate the Olympics in 2012 will certainly challenge Olympic organizers.  So, do we compare ourselves to recent Olympic hosts of the past decade (Beijing, Turin, Athens, Salt Lake City) or do we stand firm in the confidence that Vancouver is a world-class city and Whistler is a world-class ski destination?  Unlike the Olympics of Salt Lake City of 2002, Vancouver did not over build hotels in anticipation of the coming event. In 2002 hotels in Salt Lake City stood 30% vacant up to 6 months prior to the Olympics.  Accommodation for Vancouver visitors may still fall under considerable pressure and guests may be willing to pay hotel prices for the privilege of seeing the world compete on our doorstep.  As is true in real estate, location, location, location will drive the rental pricing for the Olympics.

With 1.6 million tickets sold for Olympic events, people are coming to Vancouver and VanAccom is willing to help you, the home owner, get a fair price for your property.  If you live in the downtown core and are close to Olympic venues, you will hold the best chance for a successful Olympic home rental.  You can view the VanAccom services on our website: www.vanaccom.com.