The Canadian Mortgage and Housing Corporation’s tighter restrictions mean more Vancouverites will be pushed out of an already pricey housing market. The Internet is abuzz lately with debate on the speed and depth of the housing price correction in Vancouver. Some discuss the high price/income ratio being the harbinger of the bubble. Others suggest the ratio (while important) cannot cause a massive pricing slump without a recession to push it along.
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Ottawa has made it tougher to purchase a home amid concerns about rising household debt levels and an overheated housing market. Residents in Vancouver already have numerous obstacles when it comes to buying a home: inflated prices, limited housing stock, etc. But Ottawa just made it a little more difficult for potential homebuyers across the country.
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.