Tag Archives: population

Three unaffordable real estate markets, number 3 will shock you!

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.

Alberta grows as BC slows

How is this possible?

British Columbia, the province formerly known as the best place on earth is forecast to have a sluggish economy for the rest of the year, while Alberta is growing at a ridiculous rate with astronomical population growth.

Have you ever been to Alberta?

I haven’t, but I hear its just full of oil and cattle and cowboys.

Why are they growing while Beautiful British Columbia is mired with a sluggish economy?!

More than 10,500 moved here from outside Canada in the second quarter, making Alberta the third most popular choice for immigrants to Canada, behind Ontario and Quebec.

“It used to be that people came to Vancouver, Toronto and Montreal, and now they also come to Calgary and Edmonton,” White said. “So we are seeing a permanent change in that trend.”

Read the full article here.

Condo holes across Vancouver

Much has been made about the huge number of condo towers under construction in Toronto, but here in much tinier Vancouver we’re not doing so bad.

There are currently 16 towers in progress and 67 more in the works.

With population growth and prices on the retreat will there be enough buyers for all these new units or are we over-saturating the condo market?

Cameron Muir says don’t worry:

“Prices have been pretty flat since 2009,” Muir said. “There’s ample supply in the market place, but we are seeing prices at a steady pace.”

The fact more condos than single-detached homes are being built in Greater Vancouver is nothing new, said Muir, as condo starts have consistently made up about 75 per cent of all housing starts in the last several years. “It’s a function of land supply.”

Consumer demand during the last several months is trending on a 10 to 15 year average, he added.
One indicator, says Muir, of the demand-and-supply balance in the marketplace is the sales-to-new-listings ratio.

In Vancouver last month, the ratio, at 15.3 per cent, inched closer to a buyer’s market – but sits within the balanced range of between 15 to 20 per cent.

There hasn’t been a sustained buyer’s market since the recession hit, between late 2008 to early 2009.

..And of course it’s starting to smell like 08/09 again with the Eurocrisis and global economic sluggishness, but is it different this time?

Here’s one thing that’s different: Out in Burnaby yet another condo presale had a lineup, but what a waste of time for the participants according to VMD:

re: polygon’s “MODA” presale in Burnaby that opened today, with some people camping since Monday…

sold today: 138
total units: 249
ratio: 55%


Wow. Can you imagine waiting in line for a week for something that sells only 55% of inventory?


Friday Free-for-all!

It’s that time of the week again, let’s do our regular end of the week news roundup and open topic discussion thread!  Here are a few recent links to kick off the chat:

Van prices fall for 5th month
Bubble popping changes?
CMHC now handled by OSFI
RBC: Van Vulnerable to correction
Vancouver Price Drop Champs
Vancouver Inventory Chart
Lending change will cause…?
BC Population growth stats
Mark Carney still fretting
Van top 4th hated city?
More than 1 mil US underwater
Former bears call US bottom
Chinas impending crash

So what are you seeing out there?  Post your news links, thoughts and anecdotes here and have an excellent weekend!