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Vancouver Unaffected by the Housing Slowdown

Global Housing Slowdown

As observed over the past year and this year, the real estate prices shot up in several advanced economies, which is feared to result in a global housing bubble burst if the markets overheat. The high property prices have not been consistent with a stable real estate market.

It is becoming more and more prominent that the housing bubble is ready to burst all over the world. It will cause a major drying up of the real estate market. Governments might have to intervene to regain balance if the circumstances are to follow those of 2007-09 bubble burst.

The pattern of the slowdown can be seen around the world in Knight Frank’s latest Prime Global Cities Index, which tracks the performance of luxury residential properties across key global cities for the period of March 2016 to March 2017. Real estate hot spots like London and its surrounding areas seem to be rapidly cooling down.

 

Canadian Housing Bubble

Though the Canadian house prices continue to surge, especially when compared to other parts of the world like Russia and Egypt, the Canadian property sales have now started to slowly cool down. Numbers from the Canadian Real Estate Association (CREA) show that the real estate market across the country is substantially weaker compared to the same time last year.

 

Canadian housing has experienced a much smaller, shorter decrease in prices during the financial crisis as opposed to a much larger, longer rise in prices during the recovery. When you put this together with the unfathomable rise in housing prices and near-record high household debt-to-income ratios, the Canadian housing bubble looks unstable should the tides turn.

 

Vancouver Real Estate Continues to Thrive

Despite a fall in Canada’s real estate prices and the introduction of a new foreign home buyer’s tax, Vancouver and Toronto show no signs of slowing down. The real estate properties in Vancouver are still expensive and almost unattainable.

 

This rise seems to step from local investments, especially after a decline in investment from China. Though there is a small decrease in the amount spent on high-end homes, it has not created a substantial effect on the overall Vancouver market.

 

Vancouver condos have seen an increase of almost 2.2% per month and are likely to increase further. Rentals are going down as landlords are interested in selling the properties while the boom lasts.

 

The 15% tax on foreign buyers was B.C government’s way to stabilize the increasing property prices. It helped to cool down the heat briefly, but the prices started to increase again after a few months. However, even with the rising prices of properties, Vancouver is becoming an excellent investment city, especially for foreign buyers.

 

Conclusion

Despite the real estate slowdown across the world, Canada is faring better than most and is trying its best to hold its own. One of the biggest reasons for its stability is the rising housing prices in its major cities like Vancouver and Toronto. They have become attractive investment grounds over the course of 2016-17.

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Why you Should Always Use a Realtor!

The Real Estate Board of Vancouver has some great resources for why you should always use a Realtor for when you purchase or sell your home, investment property and more!

 

REALTORS® are professionals who can help you buy or sell a property. They are trained to:

  • work within the REALTOR® Code of Ethics and Standards of Business Practice
  • provide you with protection against misadventure and fraud
  • stay current on information you need to know by participating in ongoing professional education programs
  • make the best possible use of the MLS® property database to help you sell your property or find your new home
  • have the marketing and negotiating skills that will help you make the right purchasing or selling decision.

A REALTOR® can provide you with the following services:

  • will help you adopt a sound negotiation strategy and negotiate on your behalf
  • assess market trends by reviewing current home sale data on the MLS®
  • advise on any development plans in the neighbourhood
  • review any past permits taken out for the property
  • assist with the many forms used in a transaction
  • help you determine an appropriate offer
I can help you find an investment property or family home! Contact me today for all your real estate needs.
Source: http://www.rebgv.org/how-realtors-help
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Open House Oct 4 – 1-3pm at WALL CENTRE FALSE CREEK!

Wall Centre False Creek  #415 1708 Columbia St – In Vancouver’s newest waterfront community! Minutes to Downtown and Canada Line with restaurants, shopping, the seawall and so much more right outside your front door. This spacious, south facing one bedroom and flex has a large L shaped patio, chef inspired kitchen fully equipped with Viking and Bloomberg appliances and spa inspired bathroom. Owning at the Wall Centre you can take advantage of the fitness facilities, meeting room and gardens. Pets and Rentals welcome

Open House Saturday Oct 4 – 1-3pm

#415- 1708 Columbia St Vancouver, BC

Click on the link to view:

http://www.century21.ca/Property/100998768

Please contact me for more information or to view:

tanya.jakubec@century21.ca

604-614-6914

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Vancouver Heights New Listing! Open House Sun April 14 2-4pm

3630 OXFORD ST
Vancouver, BC V5K 1P3
$819,000

Property ID: 100857278

http://www.century21.ca/Resizer.c?Image=/Listings/850000/857853/prop100857278.jpg&Width=450&Make4x3=true&BG=ffffff&stts=AVAI&u=635013922855358673&langpref=en-CA

CHARACTER HOME IN VANCOUVER HEIGHTS

Now available! This 2 storey with basement suite offers renovated open concept kitchen with stainless steel appliances, granite counters and stunning dark fir floors opens up to your south facing deck with a view of the beautiful City! 2 Bedrooms on main floor and 2 bedrooms up, offers great layout! 1 bdrm bsmt suite mortgage helper with separate entrance at $800. Both floors tenanted & month to month – Main floor $2,150. Move in ready or perfect for an investor! OPEN HOUSE SUNDAY APRIL 14 2-4PM
For more info contact:

Tanya Jakubec

604-614-6914

tanya.jakubec@century21.ca