Why does the olympics in affect house prices in Vancouver?

Question

I am moving to vancouver and i am wondering why the olympics affect the house prices

Answer 1

Assuming it does and you are talking about increasing house prices.  But prices just fell a bit in Vancouver.

1.  Olympics creates a lot of jobs - construction, tourism, retail, and Olympic officials.  As jobs are snapped up, and jobless rate is low, more and more people decide to move to Vancouver to get a job and want to buy a house there.

2.  Olympics causes need for lots of hotels.  Some apartments decide to renovate into hotels and kick out all their tenants.  (It happened a lot for Expo)  These people need a place to stay and increases the demand for more apartments.  Increase in demand and price of apartments means some will start looking to buy a house instead.

3.  Some baby boomers are planning on retiring to Vancouver.  The plan is to sell their house in Toronto or Calgary and buy one in Vancouver.  With the Olympics coming up they decide to do it a couple of years sooner so they can take part in 2010.