Vancouver Condos a “Better Investment than Gold”: World’s Biggest Asset Manager

World’s leading money manager tells Singapore conference buying condos in any of three hot markets is their second-best investment bet

By
Joannah Connolly REW.ca
April 23, 2015






Golden Vancouver condos

Putting your money into condos in Vancouver, New York or London is a better investment than gold bullion, according to the head of the world’s biggest asset management company.

Bloomberg reported this week that Laurence D. Fink, chairman of BlackRock Inc., told a conference in Singapore that there was only one better bet than condos in those three markets – and that’s contemporary art, he claimed.

“The two greatest stores of wealth internationally today is contemporary art….. and I don’t mean that as a joke, I mean that as a serious asset class,” Fink told the Credit Suisse Global Megatrends Conference April 21.

“And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.”

In the past gold was seen as an excellent method of storing wealth that traditionally holds steady even through periods of conflict and inflation. But, since peaking at US$1,921.17 an ounce in 2011, the price of bullion has dropped about 38 per cent.

“Historically gold was a great instrument for storing of wealth,” said Fink. “Gold has lost its lustre and there's other mechanisms in which you can store wealth that are inflation-adjusted.”

He added, “It’s become much more accessible for global families worldwide to store wealth outside their country. And they don’t have to own gold.”


Joannah Connolly is the editor and content manager of REW.ca and Real Estate Weekly newspaper, and editor-in-chief of Western Investor and West Coast Condominium. She also moonlights as the host of the Real Estate Therapist call-in show on Roundhouse Radio 98.3FM every Saturday, 9-10am. A dual Canadian-British citizen, Joannah has nearly 20 years of media experience in Vancouver and London, with a background in construction, architecture and business media. Like many of the residents of her newly adopted town, Joannah has a decidedly unhealthy passion for Vancouver real estate and is often to be found scouring property listings well above her pay grade.
© Copyright 2016

Comments

REW.ca welcomes your opinions and comments. We do not allow personal attacks, offensive language, unsubstantiated allegations or self-promotional content, including promotional website links. We reserve the right to unpublish comments, to edit them for length, style, legality and taste, and to reproduce them in print or online. For further information, please contact the editor or publisher, or see our Terms and Conditions.

comments powered by Disqus

Email to a Friend

Close

Get the REW.ca Newsletter
Most Popular
Start Your Real Estate Search with REW.ca

REW.ca is your best tool for real estate search. You'll find both MLS® homes and new developments for sale. MLS® listing search covers the real estate boards of Greater Vancouver, the Fraser Valley, Chilliwack, Vancouver Island, and Whistler. Sign up for free property alerts and read BC real estate news.

REW.ca is the online arm of the largest real estate market newspaper in the Lower Mainland: Real Estate Weekly.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.