Can property in the Canadian resorts buck the trend?
(Posted April 30, 2008) It’ll come as no surprise to learn that Britain’s rapidly cooling property market is having an effect on the sales of chalets and apartments in the Alps. There are fewer buyers in the mountains with money to spend this spring, and more people trying to sell – either because of difficulties back home or because they want to cash in on the strong euro. Supply now outstrips demand, and prices are starting to slide. Resorts popular with British (and Irish) buyers during the boom seem to be suffering most in the slump. A classic example is the village of Ste-Foy-Tarentaise, which saw spectacular price increases in recent years. One estate agent there, Corinne Itié of Lodge and Loft, thinks that prices will have to fall by 15%-20% for the market to find its equilibrium. “Everything is blocked at the moment,” she says. “Owners aren’t prepared to drop their prices far enough, and buyers won’t commit to a purchase. But I hope by the end of the summer the market will be m
