Skyrocketing real estate prices have reached their inevitable conclusion, apparently stopping the real estate frenzy of recent years. This year so far, house prices have fallen by some 20 per cent in the Vancouver region. It's about time. All those taking part in Vancouver’s favourite investing game – real estate – may want to consider another pursuit. Meanwhile, those who were shut out of the market because of absurd prices may be getting some relief, albeit still minor.
North Vancouver reinvents itself with a plan that calls for higher density, more jobs and a promise not to compromise neighbourhood character. Seen across Burrard Inlet from downtown Vancouver, the three North Shore municipalities look idyllic. West Vancouver climbs the slopes of Cypress Mountain, while the two North Vancouvers – distinct legal entities, one the city and the other the district that surrounds it – serve as an alpine suburb for a middle-class mix that offers a microcosm of Metro Vancouver.
Is it time for the pundits to admit the real estate (ahem) bubble isn’t popping? In fact, it’s deflating so slowly that sellers are reluctant to adjust their prices to reflect actual market conditions. I mean, really, if you have...
If you want a good sense of the current zeitgeist surrounding B.C.'s favourite pastime – real estate – there's a survey that pretty well sums it up. Apparently, it's a roll of the dice. Lower Mainland consumers, it appears, are split on whether or not it’s a good time to buy a home this spring. The season of renewal is prime home-buying time, when consumers leave their winter hideouts and venture out in the hopes of finding a new nest.
The arguments are all wrong regarding a development proposal in one of Vancouver's funkiest neighbourhoods. Nostalgia is not a reason to preserve an area of cheap, temporary and often ugly buildings. The fight shaping up over a development proposal in a funky Mt. Pleasant location says just about all you ever want to know about where the city of Vancouver is these days.
A new pricing index allows homebuyers to compare prices across major markets and more accurately price properties for sale. My addiction started off innocently enough. The review of a couple of tables here and there quickly morphed into creating my own neighbourhood sales spreadsheets. Then, one day I was reviewing the economic updates I subscribed to, and found myself buying tickets just to hear financial analyst Michael Campbell speak.
With a strong Canadian dollar and the U.S. housing market in a slump, the time is right to send our loonies down south. For the price of a down payment on an average Vancouver house, Canadians are buying up homes in the southern U.S.’s distressed real estate market. A detached house in Vancouver might come with a bloated, $1-million-plus price tag, but in the U.S. Sun Belt the market is saturated with bargain properties.
Despite some beliefs that escalating home prices have created a housing bubble, the Vancouver area real estate market is relatively balanced, experts say. But housing may look considerably different in future. Okay, folks, relax. Vancouver is not in the middle of a housing market bubble. But it is damned expensive. And it’s going to change to more condos, more rentals and more mixed-use nodes around transit stations.
It’s that dreaded time of year again – time for taxes and assessed property valuations. The double-edged sword known as property assessment values is here again. Every January, as reliable as broken New Year’s resolutions, the BC Assessment Authority issues its “Assessment Roll,” which advises homeowners on their property valuations.