Tag Archive for “Vancouver”

Recent reports from the Canada Mortgage and Housing Corporation reveal that there were 17,867 housing starts in the Vancouver Census Metropolitan Area for 2011, which was a significant increase from the 15,217 starts recorded in 2010.

For December 2011, there were 1,199 housing starts in the Vancouver CMA, which is a decrease compared with the same month last year.

"Multiple-family starts fueled growth in new home construction in 2011," said Robyn Adamache, senior market analyst at the CMHC. "There were 14,181 multiple unit housing starts in 2011 compared to 10,684 units a year ago. Solid market trends and a more positive economic outlook compared to a year ago have provided the impetus for developers to undertake larger projects in 2011." Continue reading »

Greater Vancouver still contains the highest home prices in Canada, but experts say the region's housing market will slightly slow down this year.

According to the British Columbia Real Estate Association's first-quarter forecast, Vancouver home prices will fall 3.3 percent to $754,000 in 2012, while the number of sales is expected to increase 5.8 percent.

"Prices in Vancouver are unlikely to change very much from where they are today. In fact, last year we saw prices get skewed a little higher than market prices would suggest," BCREA chief economist Cameron Muir told CTV News. "A big proportion of sales were happening in more expensive single detached homes in more tony neighborhoods." Continue reading »

With the highest home prices in Canada, Vancouver is one of the least affordable cities in the nation, but a recent study found it's also among the priciest metropolitan areas for homebuying in the world.

According to Demographia, Vancouver is the second least affordable city among large English-speaking metropolitan regions, behind only Hong Kong. The report said the average home price in Vancouver was $686,400 during the third quarter of last year, 10.6 times higher than the average pretax household income. Continue reading »

Low mortgage rates fueled increased demand throughout the majority of Greater Vancouver in 2011, prompting record-high home prices and a significant increase in listed properties.

According to a recent Real Estate Board of Greater Vancouver report, real estate demand ascended during the beginning of the year before the market eventually balanced out. The average home price rose 7.6 percent compared to 2010, but prices have declined 1.5 percent since peaking at $630,921 in June.

"It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below," Rosario Setticasi, REBGV president said. Continue reading »

The majority of Metro Vancouver experienced significant home value growth during the previous 12 months, but real estate experts say some homeowners won't be thrilled with their 2012 assessment notices.

According to a recent Vancouver Sun report, some end-of-year home valuations will be up 25 percent compared to last year, while home prices in other specific neighborhoods have actually declined.

"The city of Vancouver has been quite robust in 2011," Paul Borgo, a Vancouver-area real estate assessor, told the source. "However, the west side outperformed the east side in single family terms. And West Vancouver also has a very strong market." Continue reading »

Vancouver's housing market experienced substantial price gains and sales increases during 2011, but its reign as the hottest real estate market in Canada may be coming to an end.

According to BMO deputy chief economist Doug Porter, Vancouver prices rose 16 percent this year, but signs point toward price growth slowing and sales declining throughout 2012. Toronto has been the hottest housing market in recent months, while Calgary and Edmonton will be among the strongest real estate markets next year, Porter said in a BMO report that offered five economic predictions for 2012.

Porter also expects the Bank of Canada to keep its interest rates unchanged, and he believes it's more likely the BoC will reduce rates than increase them, which would stabilize mortgage rates and accommodate record-high consumer debt.

Porter's prediction is shared by other economic experts, as a recent TD Economics report said that Vancouver and Toronto's real estate markets will experience a correction in sales and prices in 2012, as homes are overvalued and global economic uncertainty will limit demand.

According to the Real Estate Board of Greater Vancouver, home sales were down 5.9 percent in November compared to the same month last year, while prices were up 11.4 percent.

Rising residential and condominium home prices have forced some Vancouver residents to consider renting instead of buying, and housing developers have designed some units specifically for young citizens on a budget.

According to a Vancouver Sun report, project developer Reliance Properties recently converted an old hotel into a residential building containing Canada's smallest apartments. The 30 furnished units are between 226 and 291 square feet, and include a kitchen, bathroom, built-in wall bed, fold-down table and flatscreen TV.

"The suites are highly designed to be functional at this small size," said Reliance president Jon Stovell, as reported by the source. "They live here, they play here and they walk to work and that's what it's for. The building has no parking spaces. Most people don't want it." Continue reading »

High real estate prices and low incomes have created a Vancouver housing market with limited affordability, but the country's southern neighbor is experiencing a completely opposite situation.

In a recent Vancouver Sun blog post, financial expert Fiona Anderson examines the difference in home affordability between the United States and Vancouver. Anderson cites a BMO Capital Markets report, which found home prices and mortgage rates in the U.S. have decreased enough that the average mortgage payment is less than 15 percent of the median income.

The statistic highlights a significant problem in Vancouver, where a recent RBC study revealed home costs, including mortgage payments, taxes and utilities, account for 90.6 percent of household pre-tax income. That percentage is created by comparing average home price to household incomes in the area, presuming a 25 percent down payment and a 25-year amortization, Anderson said. Continue reading »

Despite continued low interest rates, home sales in the Vancouver region have decreased significantly during the past year, as real estate prices have ascended and the job market remains unstable.

According to a recent Real Estate Board of Greater Vancouver report, residential property sales rose 1.9 percent in November compared to October, but the total of 2,360 sales is still 5.9 percent fewer than the same month of 2010.

"The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year," said REBGV president Rosario Setticasi. "November activity helped put our market firmly in balanced territory." Continue reading »

Metro Vancouver home prices have skyrocketed 128 percent during the past decade, prompting more potential home buyers to seek affordable homes outside the city.

According to a recent British Columbia Real Estate Association report, housing demand in Vancouver decreased in October, but many suburban neighborhoods encountered significant increases.

As a whole, British Columbia residential unit sales rose 6.5 percent in October from the same month last year, while the average price jumped to $535,695, a 2.6 percent spike year-over-year, the report said. Continue reading »