CMHC: Lower house sales in lower mainland over next 2 years

The CMHC is predicting declining house sales in the lower mainland over the next couple of years due to higher mortgage interest rates.

“Total housing starts will edge higher as resale market conditions remain balanced and the supply of completed and unabsorbed (unsold) new homes trends lower,” said CMHC B.C. regional economist Carol Frketich.

“Housing demand will be supported by employment and population growth, but tempered by gradually rising mortgage interest rates.”

They are predicting price growth of 1.2 and 1.7% (unclear if this is before or after inflation) and they forecast this based on an assumption of a shift to ‘lower cost housing’.

Which might be good news for anyone trying to sell ‘lower cost housing’ since prices on Vancouver homes under $1.1 million have gone essentially nowhere over the last four years.

 

84 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
The Man
The Man
5 years ago

@#80 Ha ha ha ha ha ha. You must have a very ‘liberal’ interpretation of ‘practicing’.

http://www.faithgoldy.ca/a-case-for-trudeaus-excommunication/
http://www.sunnewsnetwork.ca/video/3450762031001

Garbage
Garbage
5 years ago

“Woe behold” is a correct usage. Did you parents read to you when you were little? Or they’ve been iphoned/youtubed you.

Westside Realtor
Westside Realtor
5 years ago

All of the “OOMPH” in the upper end of the SFH market is……………….G-O-N-E….oh where, oh where have my good HAM gone?:-)

Son of Ponzi
Son of Ponzi
5 years ago

77,78,79
Damn funny.
Thanks for making my morning.

@The Man
@The Man
5 years ago

Trudeau Jr. is a practicing Catholic. What more do you want?

The Man
The Man
5 years ago

Autocorrect!!!

The Man
The Man
5 years ago

Damn autocrat on my iPhone!!!

grammar-mom
grammar-mom
5 years ago

“but woe behold”
That’s a new one – you are mixing canned phrases here.
You mean to say either:
“Lo and behold”
or
“Woe betide”

Not judging, just saying. These sorts of things get under my skin. Sorry. 🙂

Son of Ponzi
Son of Ponzi
5 years ago

In Toronto’s streets you see much more diversity than in Vamcouver.

The Man
The Man
5 years ago

And of course, Trudeau Jr. can appear on the cover of the National Post attending the Canadian Muslim conference, but woe behold the politician that appears at some christian conference.

No you understand ‘the rules’ of tolerance and diversity.

The Man
The Man
5 years ago

@#70 Of course, to the liberal of WASPish descent, a room full of folks of english, german, italian, polish, ukrainian, french, dutch descent lacks diversity. A room that is 80% chinese is diverse.

Westside Realtor
Westside Realtor
5 years ago

I refer you to post #35, by yvr2zrh (one of the most insightful/logical posters (amongst many) on this site).

Read his comments…”Something that seems to be evident is that the high-end is MUCH MUCH slower than the low-end”…

I rest my case, this market is going to get absolutely fried.

On the car sales I agree also..also hardwood, granite, fixtures, vacations, etc…discretionary available cash is going to tighten I think this country is going to lose its swagger for a few years (which is a normal part of a cycle) and there is the potential for a real estate reckoning of epic magnitude.

Why not?

WSR

patriotz
5 years ago

@61, @65:

If you actually read my post you’d see that I didn’t make any claim about how much income tax Pattison pays.

What I said was “Jim Pattison probably pays more of these taxes (i.e. property and sales taxes) than any wealthy immigrant, but nobody would use that as an excuse for him not to pay income taxes.”

Which you seem to agree with in your replies.

Duh.

Ulsterman
5 years ago

Out of the mouths of babes … my Italian homestay student just said to me, “I don’t need to check the weather forecast, it’s always raining here.” When I started to mention the words “best place on” she just slyly rolled her eyes.

Son of Ponzi
Son of Ponzi
5 years ago

#69
diversity.what diversity?
Cantonese or Mandarin, they’re all Chinese.

China 2.0
China 2.0
5 years ago

Mayoral candidates back Vancouver’s diversity

About 150 attended the forum in Chinatown, counted SUCCESS. Cantonese and Mandarin speakers were provided with headsets that offered live translation.

http://www.vancourier.com/vancouver-votes/election-news/mayoral-candidates-back-vancouver-s-diversity-1.1490338

@63
@63
5 years ago

Yes, I have been to Surrey, have you? I suspect you haven’t spent much time there. The bad parts are predominantly white, unfortunately.

Indians and Filipinos defiantly aren’t rich. That’s because they work and pay income tax.

On the other hand, Richmond has the highest childhood poverty rate in BC.

Westside Realtor
Westside Realtor
5 years ago

Meanwhile you tell us how u r going to make a quick $50,000 when the stock markets crash (they hit new records after your post) to buy a place in Phoenix. And how your surrey building lot keeps skyrocketing and now how you bought an old but new house in n delta..what other predictions do you have for us nostrodamas?

Anyways upper end of the market is a canary in the coal mine. Canary looks sick to me. If u don’t believe me do as you will.

I sold my last place a year ago and I think prices are going to get crushed.

Jmho

Westside Realtor
Westside Realtor
5 years ago

Hey Shit for Brains,

I told you that the sales stats were not telling the whole story and that underneath the raw data the internal metrics were weakening.

Then we get a 19% boost in sales and declining PRICES in EVERY category.go shove a doughnut up your ass you LOSER.

Fuck off.

Son of Ponzi
Son of Ponzi
5 years ago

#58
Jim Pattison is paying income taxes!
Pats, that shows how naive you are.
He donates some money to a charity in his name,
Writes it off and people thinks he’s a hero.

Westside Realtard is Romeo Jordan
Westside Realtard is Romeo Jordan
5 years ago

@54

Here’s a fact – This is the 123rd post by Westside Realtor that said nothing at all.

RFM
RFM
5 years ago

The VANCOUVER REALTOR HUNGER INDEX for October 2014 was 54%. How does this compare? The 17-year average for October is 50%. At 54%, the 2014 October VRHI was higher than 8 years and lower than 8 years since 1998.

Details and comparison data for 17 years at: http://vancouverpeak.com/showthread.php?tid=64

@59
@59
5 years ago

“If we are going to have immigration I think Indians and Filipinos are a good choice. They come here knowing English and have a history of accepting Canadian culture, while maintaining their own traditions.”

You must be Indian.

Ever been to Surrey? It is an slum. I think I will take what the Chinese have done to the Westside which if anything has made it nicer.

@patriditz
@patriditz
5 years ago

“Jim Pattison probably pays more of these taxes than any wealthy immigrant, but nobody would use that as an excuse for him not to pay income taxes. And it’s not an valid excuse for anyone else.” Actually you have no idea how much Jim Pattison pays in income taxes. It could be zero if he doesn’t take any money out of his companies. Most of his assets are held within his companies. That includes his plane, boat, etc. You working sloths have no idea how things work for the wealthy. All legal. Back to your strawman I have yet to hear anyone make an excuse for someone not paying income taxes when they should be. Just lots of baseless accusations of immigrant tax evasion with no evidence. Space889 is merely pointing out the Chinese rich here are paying more than… Read more »

w00t!
w00t!
5 years ago

>Young people should work for free! Nothing like voluntary slave labour because that’s what every successful society needs to create prosperity.

Slave labor, by definition is involuntary.

With our labor laws it isn’t easy to fire someone. So employers don’t want to take a chance on unproven people. These laws are good for us old people, as they keep us in our coushey jobs. These same laws make it harder for young people to enter the market.

Doing volunteer work is a great way to gain that experience.

Don’t bitch about that fact unless you are willing to have a more … liquid… labor market.