Impact of Olympic exposure on Vancouver - Page 4

raggedy13 · #61 Posted **Oct 12, 2009, 7:50 PM**

So, seeing as the Olympics are rapidly approaching, does anybody have any reevaluations of previous statements, or just wish to comment further on my initial topics in the first post of this thread?

All I can say for now is I'm getting real excited.

Yume-sama · #62 Posted **Oct 12, 2009, 7:57 PM**

The day my tickets come in the mail will be so awesome

I hope they send them out relatively soon.

whatnext · #63 Posted **Oct 12, 2009, 11:02 PM**

Do people really believe investment decisions will be made, based on what somebody sees of the Winter Olympics on TV? If you know of a company that does this, please let me know so I can dump their stock.

GeeCee · #64 Posted **Oct 12, 2009, 11:36 PM**

Decisions? Probably not. Making people more aware of the city, and the Vancouver 'brand'? Sure..

Canadian Mind · #65 Posted **Oct 12, 2009, 11:42 PM**

Quote:

Originally Posted by whatnext

Do people really believe investment decisions will be made, based on what somebody sees of the Winter Olympics on TV? If you know of a company that does this, please let me know so I can dump their stock.

I think that is a dumb attitude. It's not the corporations attention we want the Olympics to catch, it's everyday people's attention. Once people start to see Vancouver as the place to be, the corporations will follow the market. Might get lucky and some visionary corps will be ahead of the game, but I don't expect that to be the case, rather a rare exception.

cornholio · #66 Posted **Oct 12, 2009, 11:48 PM**

Quote:

Originally Posted by Yume-sama

The day my tickets come in the mail will be so awesome

I hope they send them out relatively soon.

Same here....Brazil here I come!

cornholio · #67 Posted **Oct 12, 2009, 11:56 PM**

Quote:

Originally Posted by Canadian Mind

I think that is a dumb attitude. It's not the corporations attention we want the Olympics to catch, it's everyday people's attention. Once people start to see Vancouver as the place to be, the corporations will follow the market. Might get lucky and some visionary corps will be ahead of the game, but I don't expect that to be the case, rather a rare exception.

Not just that but these "corporations" are run by the same people that are exposed to the Vancouver brand. Corporations are just as vulnerable to marketing as people are because the person making the decisions for the corporation is a "person".

Nobody will go hey Vancouver had the Olympics, lets set up shop there, but rather lets get a list of cities that we will evaluate to set up shop in...after the Olympics the odds of Vancouver being on that list will be higher then before, and this simple fact will translate into Vancouver being the chosen city more often then before (for whatever its being chosen for, head quarters, a new store, manufacturing plant, convention, just a family vacation etc.). Thats marketing and thats all the Olympics are about.

SpongeG · #68 Posted **Oct 13, 2009, 12:32 AM**

maybe we will get a crate and barrel because of them - it worked for Calgary 88

Spork · #69 Posted **Oct 13, 2009, 3:53 AM**

Quote:

Originally Posted by cornholio

Not just that but these "corporations" are run by the same people that are exposed to the Vancouver brand. Corporations are just as vulnerable to marketing as people are because the person making the decisions for the corporation is a "person".

Nobody will go hey Vancouver had the Olympics, lets set up shop there, but rather lets get a list of cities that we will evaluate to set up shop in...after the Olympics the odds of Vancouver being on that list will be higher then before, and this simple fact will translate into Vancouver being the chosen city more often then before (for whatever its being chosen for, head quarters, a new store, manufacturing plant, convention, just a family vacation etc.). Thats marketing and thats all the Olympics are about.

Very true. Additionally, there will be business people coming from around the world to enjoy the Olympics. While they are here, they will undoubtably meet other business people and form relationships, which can lead to increased business for Vancouver-based companies, or personal fondness for the area (of which the above point applies).

I just hope that the City of Vancouver has some sort of economic development plan for the period specifically around the Olympics to capitalize upon all of these business leaders coming to the City, marketing the finer points outside of recreation.

whatnext · #70 Posted **Oct 15, 2009, 6:15 AM**

Quote:

Originally Posted by Spork

Very true. Additionally, there will be business people coming from around the world to enjoy the Olympics. While they are here, they will undoubtably meet other business people and form relationships, which can lead to increased business for Vancouver-based companies, or personal fondness for the area (of which the above point applies).

I just hope that the City of Vancouver has some sort of economic development plan for the period specifically around the Olympics to capitalize upon all of these business leaders coming to the City, marketing the finer points outside of recreation.

And then they'll do their research, realize the dearth of industrial land and the incredibly high housing prices prospective employees will have to pay, and then they'll move on.

raggedy13 · #71 Posted **Oct 15, 2009, 7:21 AM**

^While I agree the two points you mentioned don't help us, Vancouver's advantages (at least in certain industries) still greatly outweigh them. There are reasons beyond those mentioned that companies, like Microsoft and Pixar for example, have decided to setup shop here.

I think this statement of cornholio's sums it up best:

Quote:

Originally Posted by cornholio

Nobody will go hey Vancouver had the Olympics, lets set up shop there, but rather lets get a list of cities that we will evaluate to set up shop in...after the Olympics the odds of Vancouver being on that list will be higher then before, and this simple fact will translate into Vancouver being the chosen city more often then before (for whatever its being chosen for, head quarters, a new store, manufacturing plant, convention, just a family vacation etc.). Thats marketing and thats all the Olympics are about.

Interestingly enough, an example of this process is shown in how Pixar selected Vancouver. We were one of 6 short-listed cities and thanks to an advantage or two we had over the others (such as tax credits and a well-established talent pool), Pixar decided to invest here. Raising Vancouver's global profile (which the Olympics are guaranteed to do) will only help to favour Vancouver over other lower profile cities in such decision processes.

Vancity · #72 Posted **Oct 15, 2009, 7:39 AM**

Quote:

Originally Posted by Spork

Very true. Additionally, there will be business people coming from around the world to enjoy the Olympics. While they are here, they will undoubtably meet other business people and form relationships, which can lead to increased business for Vancouver-based companies, or personal fondness for the area (of which the above point applies).

I just hope that the City of Vancouver has some sort of economic development plan for the period specifically around the Olympics to capitalize upon all of these business leaders coming to the City, marketing the finer points outside of recreation.

I'm not sure if the CoV has an economic development plan. If they do, is anyone here aware of it?

raggedy13 · #73 Posted **Nov 3, 2009, 9:43 AM**

Thought this article was relevant to the thread topic:

Quote:

Real estate to get a boost

By MATT KIELTYKA

Vancouver's top real estate marketer says the city's market is in for a long-term boost because of the Olympics.

Cameron McNeill, president of MAC Marketing Solutions, says foreign investment in local properties has always been prominent in the city but may reach new heights after the Games.

"The Olympics will not do anything else but put a spotlight on the city," said McNeill, who sold more than 1,000 homes in 2009 and just reactivated a condo project, "James," at the Olympic Village. "I don't think the Olympics will change prices right after the Games, but it will in the mid- to long-term. I'm thinking the two- to five-year range."

Traditionally, investors from Asian countries have sunk a lot of money into Vancouver properties.

But McNeill says international buyers are already becoming more diverse and, he adds, it's a trend that will continue after the Olympics.

"Vancouver is an exceptionally unique city compared to other Olympic cities," he said. "Land is limited and the people who buy here also want to be here."

So what about local residents looking to buy a home?

"Prices aren't going to get lower, so people should be looking to buy in the next six to 12 months," McNeill said. "As long as people don't feel pressured to buy, they have some time to shop around and find something that suits their needs."

By MATT KIELTYKA, 24 HOURS

While I'm certainly not a fan of having prices get even more ridiculous for those that already live here, I do at least like that a healthy market leads to a building boom. I'm getting real hungry for some new development proposals around here. Other Canadian markets like Toronto and Montreal seem to be getting some good stuff proposed recently so I'm hoping it is only a matter of time before we see some more action in this regard as well. Your thoughts?

agrant · #74 Posted **Nov 3, 2009, 10:18 AM**

There's a lot of people out there that don't think the Olympics will do much to boost interest in building in Vancouver. The reason is that historically, I think in every case, there has never been a building boom caused by an Olympic event. My guess is that it'll probably happen regardless, because that is how it goes - it is an up and down cycle. I'm not sure about other cities, but in Vancouver there is a building boom that seems to come every several years or so. You see a bunch of cranes in the skyline, then they dissappear for awhile, then they come back after a few years... Anyone who's worked in the construction industry for awhile will be able to tell you.

twoNeurons · #75 Posted **Nov 3, 2009, 3:13 PM**

It's easy to make predictions like this. In some sense, they will always come true.

Vancity · #76 Posted **Nov 3, 2009, 5:16 PM**

Quote:

Originally Posted by agrant

There's a lot of people out there that don't think the Olympics will do much to boost interest in building in Vancouver. The reason is that historically, I think in every case, there has never been a building boom caused by an Olympic event. My guess is that it'll probably happen regardless, because that is how it goes - it is an up and down cycle. I'm not sure about other cities, but in Vancouver there is a building boom that seems to come every several years or so. You see a bunch of cranes in the skyline, then they dissappear for awhile, then they come back after a few years... Anyone who's worked in the construction industry for awhile will be able to tell you.

Yeah. I tend to agree. This year in particular, there were cranes everywhere, especially in downtown. In previous years, there would still be construction cranes, but just not as many. Even if historically, there hasn't been construction booms after an Olympic event, you'd hope that it would be different this time around

I'm hoping that not just a building boom, but simply that our city would garner even more global exposure. Toronto, in Canada, will always be the no.1 city that people around the world want to go to (if not live, visit), then it's Vancouver. So, I hope in that regards, Van will get a bit more exposure than TO

mrjauk · #77 Posted **Nov 3, 2009, 6:58 PM**

Quote:

Originally Posted by raggedy13

Thought this article was relevant to the thread topic:

By MATT KIELTYKA, 24 HOURS

While I'm certainly not a fan of having prices get even more ridiculous for those that already live here, I do at least like that a healthy market leads to a building boom. I'm getting real hungry for some new development proposals around here. Other Canadian markets like Toronto and Montreal seem to be getting some good stuff proposed recently so I'm hoping it is only a matter of time before we see some more action in this regard as well. Your thoughts?

Wow. Vancouver's top real estate marketer telling people to buy in the next six to 12 months, lest they be "priced out forever!" What are the odds that a real estate marketer would be telling people to buy homes?

How many of you have purchased a condo(s) in Torino, Salt Lake City, Albertville, Lillehammer, Nagano? But Vancouver is different, they say. Vancouver's real estate market will do what it will and the Olympics will have nothing to do with it. Look more to local employment, income conditions, the level of securitization of residential mortgages by the CMHC, etc. The Olympics effect will really be minimal. The real estate marketer is playing on people's fear, greed--and most importantly--ignorance, to further his own economic interest.

Yume-sama · #78 Posted **Nov 3, 2009, 7:00 PM**

I could see, as an unintended consequence, prices will fall after the Olympics. I could be wrong, however, I think a lot of investors have bought in the last few years with the mindset that they will SELL after the Olympics. Supply and demand dictates prices, and I think there could be a lot more supply. And by the way, the Olympics were a major cause in Calgary's boom

Whether or not Vancouver will boom more, I don't know. But I think, obviously, it is a more attractive city than most. Salt Lake City? Not too great. Nagano? Nobody really *chooses* to live in Nagano

Vancouver is a much different city than has hosted the games recently, in that it is actually a big city, with nice surroundings, and not some little resort area, such as Torino or Nagano, and Sochi to come. We are, after all, the largest city to *ever* host the Winter Olympics, and really the only one recently who actually has an economy that people could see themselves become a part of.

You don't move to Nagano and expect a job, or expect that you could create your own. Being an English speaking, but very diverse, city also helps.

Would you move to a city that is 99% white and Mormon? How about 99% Japanese with no English, where everybody likes and does pretty much exactly the same things

Probably not, but people of all races, religions, and backgrounds will see Vancouver as a melting pot, that is actually a pretty nice place to be. This is very attractive to Europeans, Japanese, Chinese, pretty much anybody. As they can move here, do their own thing, and not feel so "alone", as chances are you will find somebody else who speaks your language, is from where you're from, likes the same things, etc.

There really is nothing distinctively Canadian about Vancouver... it's more of a trip through several other Countries, and you hear several languages but English while walking downtown.

Yume-sama · #79 Posted **Nov 3, 2009, 7:33 PM**

AND, I didn't even touch on the fact we are the only ones with a temperate climate to host the games. People can see themselves living in 2 degrees, some may have a problem with -30 or below.

SO, pretty much, the only way we would be comparable to any other Winter Olympic city is if it was *just* Whistler hosting the games.

Some resort town, not that well known internationally, not too populated, semi-close to a major city. So Vancouver will have to wait and see what our impact will be

We really can not tell by looking at other people.

mrjauk · #80 Posted **Nov 3, 2009, 8:39 PM**

Quote:

Originally Posted by Yume-sama

AND, I didn't even touch on the fact we are the only ones with a temperate climate to host the games. People can see themselves living in 2 degrees, some may have a problem with -30 or below.

SO, pretty much, the only way we would be comparable to any other Winter Olympic city is if it was *just* Whistler hosting the games.

Some resort town, not that well known internationally, not too populated, semi-close to a major city. So Vancouver will have to wait and see what our impact will be

We really can not tell by looking at other people.

Okay. Beijing, Athens, Sydney, Atlanta. Did any of these cities boom as a result of the Olympics? What about real estate prices? Did Atlanta's real estate prices grow more between 1996 and today than Charlotte, Orlando, or Nashville? The answer is no. Have Athens real estate prices grown any more quickly than Sofia, Istanbul, Belgrade, or Bucharest? Once again, the answer is no. Will Vancouver's real estate prices over the next ten years grow any more than Calgary's, Edmonton's, or Regina's? No. In fact, given how far we are from fundamentals here, in ten years the median price of a home in all of those cities will have increased more than the median price of a Vancouver home.

A true barometer of the health of a housing market is "owners-equivalent rent." There are rental buildings all over the mainland trying to attract tenants with offers of a free month's rent and paying moving expenses. This is not a healthy real estate market. By this time next year, the Olympics will have come and gone and the real estate market will be based solely on fundamentals--as it always has been.