One of Donald Trump's most trusted executives says Canada's real estate market is undervalued and rife with investment opportunities.
George H. Ross, executive vice-president for the Trump Organization and Donald Trump’s right-hand man on "The Apprentice," says Canada's economy is being "underutilized" by potential real estate investors.
"Canada has a vibrant economy and some people ought to step in and take advantage of it," Ross told BNN on Tuesday. The Trump Organization executive VP and senior counsel said he sees plenty of opportunities in both the residential and office real estate markets.
"Residential follows office," he said. "If you build office space, people have to have a place to live, and that will certainly be as close as they can to the office space."
Ross also dismissed fears that the Canadian market might be due for an interest rate spike, after 35 years of declining rates. "I don't see it changing dramatically in the next few years. It's got a lot of correction to go," he said.
He added that banks are making money under the current interest rates, so they have no reason to upset the status quo at this point.
Despite the wealth of real estate opportunity, Ross had harsh words for those who try to make a "quick buck" by buying and selling real estate in a short period of time.
"It's a terrible approach to real estate in any cycle," he said.
Ross said real-estate flipping sounds attractive to newcomers because of the money involved, but many struggle to re-sell their properties quickly and at a profit. "There are more fortunes lost in real estate than were ever made, and they're not ready for it," he said.
Ross has more than 50 years of experience in real estate investment, and helped Donald Trump close his first deal when Trump was 27. Ross and Trump have been working together for more than three decades, and Ross now manages all licensing of Trump products.
Ross will be in Toronto on June 20 to deliver a seminar on real estate investment.
With files from BNN
