So far it’s been single family homes that have seen the biggest drop in sales and prices in Vancouver with condo sales chugging right along. That may be changing. Whether you blame it on market changes or weather, Vancouver condo sales saw a 23.7% drop in December.
Bubble talk might be impacting sales, as they declined significantly across the GVR. 915 sales were logged through the MLS, this represents a 23.7% decline from the month prior. Of those sales, 1 in 4 were in Vancouver West – which only experienced a 19.9% decline from November. Declining sales is expected in December, but this was a 25.3% decrease across the GVR from the same time last year.
Of course prices are still way up from a year ago.
Read the full article over at betterdwelling.com.
Vancouver has just been ranked the #3 least affordable housing market in the world behind Hong Kong and Sydney according to a survey by Demographia.
This is the second year in a row Vancouver ranked third after hitting second place in 2015. The city has been ranked with the worst housing affordability in Canada in all previous Demographia surveys since 2004.
Demographia reported Vancouver’s year-over-year price growth was equal to a year of household income in the city. It also mentioned the city experienced a “modest” net domestic out-migration in 2016, meaning more people left the city than moved in.
Which city do you think those people that left Vancouver are moving to: Hong Kong or Sydney?
Read the full article here.
It’s that time of the week again, time for another Friday Free-for-all!
This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:
–Private mortgage insurer matching CMHC hikes
–Housing market pits one generation against another
–optimism in real estate
–Future of BC housing
–Vanguard says BOC will hike rates this year
–The good, bad and ugly in the market
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
Shopping for a house but didn’t buy yet? Now may be the time! The benchmark price of a detached home in Vancouver just dropped by $27k. That’s just about the price of a brand new Civic, so if you buy now it’s like getting a free car!
What will next month bring? Is this free car premium a temporary result of snow or will you be able to upgrade to a BMW next month? Time will tell.
The new BC government interest free loans program for first time buyers might help to get some more condos sold. Certainly real estate developers in this province tend to be in agreement with government policies, showing their appreciation by holding 8 of the top 10 liberal donor spots:
Eight of the 10 top donors to the B.C. Liberal party in 2016, and so far in 2017, are involved in the province’s property development and construction industries.
Combined, the eight donors contributed nearly $1.5 million of the $12.5 million collected by the Liberals during the period, an analysis by Postmedia News of the donor list released by the Liberals last week shows.
Some of the real estate development and construction sector donations came in six-figure instalments.
At least this booming real estate market is creating lots of jobs right?
Well, not as many as Quebec which created more full time jobs than any other province and accounts for 42% of national labor growth in 2016.