With new impending mortgage-stress regulations coming to British Columbia this January, it is important to discuss the future of Vancouver’s housing market and what is going on in Canada’s real estate markets lately. 

 

     From last September to this September, Vancouver’s volume of sales increased 7%, an increase that is slower than usual, but still a significant increase. Comparing this October to last October, sales increased by 35%. This large increase is accompanied by sales 15% higher than the 10-year average for October. 

 

     What does this mean for Vancouver’s real estate market? Well, it shows that Vancouver’s market has readjusted to the Foreign Buyer’s Tax implemented last year. Prices had initially slowed, but with a strong market, locals have continued to compete for properties; hence the markets readjusts and prices/sales continue to increase.

 

     As for Canada as a whole, Toronto’s housing market has begun to slow after similar proposals to BC were implemented in Ontario, but judging from the economic prowess and desirability to live in Toronto, I wouldn’t be surprised if in the near future the market readjusts the same as Vancouver’s. 

 

     With new mortgage regulations and a rise in interest-rates coming to Canada it is a good sign for Canada’s economy. The government clearly has faith that the Canadian economy is on the rise and that the housing market will become more stable with new regulation. When the new regulations become active it will be an interesting time to observe how Vancouver & Toronto’s housing markets will react, hopefully expecting an increase in stability and affordability.

 

https://beta.theglobeandmail.com/real-estate/toronto/toronto-home-sales-see-sharp-rebound-after-short-slump/article36806253/?ref=http://www.theglobeandmail.com&

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Canada’s real estate industry accounts for 12% of the national GDP; in British Columbia, real estate makes 40% of our GDP. The real estate markets of Canada have never been growing faster. Since 2005, the house-price index has steadily increased and Vancouver has been working to help curb the over-competitive housing market. Last year Vancouver introduced a foreign buyers tax that has helped reduce some excess demand; the result has been a 40% decrease in the amount of homes sold (from the year prior). But what does this mean for people still living in Vancouver? Well, it seems for buyers in Vancouver, the competition has still been high, most often affecting first-time buyers who aren’t used to the urgency of buying when you have financing approved and you find a home you love. Canada’s finance minister is working with Economists to help slow the housing market in Canada, but Vancouver’s housing market may be on the rise because of its desirability as a place to live. Vancouver was rated the 3rd most liveable city in the world last year, and as it continues to promote green energy and transportation, it seems very likely that Vancouver is adapting well to the future and will be a place that future generations will seek out. 

 

So the question becomes “what do I do if I want to be involved in Vancouver’s real estate market?” Well, if you believe, as I do, that Vancouver is not only a great place to live, but a great place for investment, the best thing you can do is work with a realtor who can help you navigate in this competitive market. Competition is all about creating an edge of advantage, and with years of experience and adaption to modernity, I would be able to provide the insight and professionalism necessary to outbid others and maximize your potential in Vancouver. 

 

Below I’ve attached some links to supplement this article,

 

If you have any questions about Vancouver’s housing market or are looking for a great realtor to work with, feel free to call for a free, no obligation cup of coffee to determine how we can find success for you.

 

I look forward to hearing from you,

 

Warm Regards

 

Luise DiPietrantonio

778-883-7857

luisedip@gmail.com

www.luiserealty.com 

 

 

http://www.canadianbusiness.com/economy/how-canadas-real-estate-market-went-completely-insane/

 

https://www.cnbc.com/2016/08/17/melbourne-vienna-vancouver-ranked-top-three-most-livable-cities-by-the-economist-intelligence-unit.html

 

 

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