Video: The Canadians Are Coming!
That’s what all-star real estate attorney Edward Mermelstein tells the Journal in this video. Not that this is exactly a surprise, as the Real Estate Desk has already taken note of a Canadian pension’s partnership with SL Green, which continues to grow. This is due in part to the relative weakness of the local real estate market but also to the strength of the Canadian dollar, which hit a six-week high after yesterday’s Fed meeting. With that trend likely to continue for the forseeable future, expect more Loonies to keep pouring into the local real estate market–along with the already unabated flow of money from other foreign countries.