Here’s an updated video graph of market stats provided by Paul Boenisch last week with comparison to the previous week:
The new BC first time buyer program is proving to be popular with over 1000 applicants who will hopefully vote for the current government in the next election.
“The B.C. Liberal government has received more than 1,000 applications from first-time home buyers who have been lured by new incentives under a program designed to improve housing affordability.”
“Critics, however, say the program is adding fuel to an already heated market for condos, notably in the Vancouver region.”
““Ottawa has been saying let’s have fewer highly leveraged buyers, but the province is saying we have to help the risky, leveraged first-time buyers get into the market,” Prof. Davidoff said in an interview Sunday. “The province has sweetened the pot.””
Read the full article in the Globe and Mail.
There is a move afoot to discourage owners from tearing down pre 1940s character homes in Vancouver, but this brings concerns that such a move would limit development and supply.
The mayor agrees and is making statements hinting at increasing housing mix in low density neighborhoods:
“People are feeling squeezed out,” said Robertson.
He argues since 2011, more than 1000 people have left neighbourhoods like Dunbar, Arbutus Ridge and Kerrisdale — neighbourhoods that feature character-style homes.
“It’s clear our lowest density neighbourhoods are changing and we need to make sure they’re changing for the people who need them,” he said.
Robertson says, “now is the right time to advance the conversation for more affordability and a mix of housing types that fit within our single family home neighbourhoods.”
His statement says that mix could include townhomes, row houses, and duplexes.
Meanwhile, roughly 1,000 homes are torn down every year in Vancouver and the majority of those were built before 1940.
Read the full article here.