Vancouver is an area desirable to live. Attractive with a clean and safe environment and mild climate due to the surrounding of mountains, and also full of outdoor recreation, it has raised the demand of housing which continues to grow tremendously within Canada and also overseas. A new study shows that there is a historical demand level as termed by The Real Estate Board of Great Vancouver since there is a drop in sales and prices for Metro Vancouver homes.
A report indicates that over 1,600 residential homes were sold in Vancouver in November. Home prices have dipped 4% to 7% in the past six months depending on the type of property. The conditions will be watched by the board in the first quarter of the year 2019 in order to see whether the buyer demand will pick ahead of the active spring market.
Real estate typically revolves around the world and new supplies are getting into the market. Due to the high level of immigration, population growth in Canada has accelerated in the last few years which is now growing fast. Canada’s future on affordable housing still remains bright. Policy makers in Real estate markets will have approved important key parts aimed at protecting tenants.
City Council of Vancouver has put across measures that are aimed at preventing many renters from becoming victims of eviction by the landlords so as to renovate or even sell properties. Also, another approval made by City Council of Vancouver is coming up with a method to keep a record of all apartments being built and sold in Vancouver and provide the affected tenants with relevant and useful information towards their tenancy rights. It is also voted for the measure to regulate the buyouts of tenants.
This is a big victory and a huge change for Vancouver city since things are getting different. The councilors asked for an amendment of the Vancouver Charter so as the city would tackle issues of tenancy without any conflicts with the British Columbia Residential Tenancy Act.
“Huge Wave” on Arrival of New Homes, House Prices to Drop
Anyone deserves a better and a safe place to call home. There is an extensible complex that has lately been built in Vancouver, consisting of about 100 homes. It has its main aim at supporting the local indigenous people. The City announced the opening of a 98-unit building made up of apartments with measurements of 320 square feet, Heather street located on the north of west 37th Avenue. Twelve of the units are wheelchair accessible and can be great homes for the physically challenged people.
The complex is one of the eight extensible complex opened within the past few years across the British Columbia and is also part of the province’ commitment to building over 600 homes within Vancouver. The support of having standard homes in Vancouver is in light with the 2018 report based on the count of a rising number of homeless indigenous people in British Columbia that is said to be alarming. The great commitment and support into new homes connect to good health and necessary life skills needed. It will really build a strong foundation.
Canadian Economy Depending More on Housing
Most of the real estate industry in Canada has declared that housing markets in Canada have achieved after a slowdown earlier last year. A report says, last year’s housing market dragged on Canada’s growth on the economy but it was a good run. Focusing on future days, housing investment is very important to the economy of Canada. 7.5 % of Canada’s economy is accounted from residential investment. Also, the share of people who are employed in real estate and home construction is nearing a record high.
As a result, any kind of slowdown experienced will be magnified in terms of the impacts on the economy of Canada. It takes an approximate on one and a half years for the interest rates hikes to be felt in the housing market. Rate hikes from the Bank of Canada since last summer are yet to have an impact. From the market observers, the main reasons for the slowdown are “stress test” which is a new mortgage and the interest rates. For overall stability of the country’s economy, they reduced the amount of mortgage that Canadians can borrow.
According to The Canadian Real Estate Association (CREA) on housing prices prediction this year, it is famously difficult but despite it being difficult, home sales are rebounding. With home prices roughly keeping up with inflation of 2.1 %. Prices will likely tend to climb a bit slower in British Columbia.
“Vancouver” the second- least competitive Housing market in Canada
Homebuyers in Vancouver. Start taking your time when buying a home. The most fiercely competitive housing markets in the country famed for its bidding wars is now the second-least competitive housing markets. According to the new analysis made, the home slumps in the city makes it among the less competitive housing markets in the whole country. By the calculation of sale-to-new-listing ratio, from last year’s data received by the Canadian Real Estate Association, it is measured on how housing markets in Canada are competitive. Greater Vancouver was at 43 %, which was the second lowest only to 35 % of Newfoundland and Labrador. Buyers who are looking forward to ascending the property ladder, they will encounter fewer competitive hurdles like bidding wars.
Most of the young families in Vancouver’s housing market remain confident with their property values. Despite the last year’s recent slowdown, they will do better than any other real estate investments. A total of 79 % of Vancouver respondents to an urban residents survey reported that the financial gains on their homes will be on par with their financial investments over the next couple of years.
The expectation is typically based on how the Vancouver real estate has appreciated. According to a report, during the September benchmark, on the east side and west side of Vancouver, there is an average of typical homes that have been sold. Today, in Vancouver, it is definitely the buyer’s market which is really a piece of good news.