The Average selling price of a home in Vancouver BC has reached a new record high. When inflation is factored in prices are actually higher than they were in 2008, meaning buyers from two years ago who have no transaction or carrying costs are well on the road to riches.
All sectors of the housing market are up; from single family homes, to townhouses, condos, semi-detached, yurts and drainage ditches. The average price of a parking spot on leased land in downtown Vancouver has reached a new record shattering high of $87,983,223,431.32 imaginary moon dollars.
Even with the recent run-up this still represents tremendous value as the average spot size is large enough to hold a 1972 VW campervan AND a 10 speed Norco mountain bike.
The beginning of the month saw growing inventory as sales lagged, but emergency sales during the final hour of the month have reduced available sales inventory in the REBGV area to 4 units and a rusted out 50 gallon oil barrel, all of which are located in Whalley. The remaining inventory is currently being fought over by thousands of wealthy South American investors who are visiting the area in anticipation of a UFC truck and tractor pull, tentatively scheduled for May.
In a surprise move early this morning Bank of Carney Minister Finance Flaherty announced the repeal of all mortgage limits currently in place for CMHC insured mortgages and a new set of guidelines. “if it feels good, do it. That’s pretty much our motto.” Flaherty said as he scratched at his beard with fingers caked in bright orange Cheetos dust.
Starting April 17, all applications for CMHC insured mortgages will be automatically approved unless the home buyer has proof of income. The Government of BC also announced new homeowner grants which will see all homeowners receive a monthly cheque for $8,000 to help compensate for the dramatic difference between rental value and purchasing costs. Interest rates have been reduced to -.5% effective immediately.
