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Vancouver Real Estate
Vancouver Real Estate market has remained strong inspite of the meltdown of our neighbours south. Thanks to a more closely guarded banking system, Canada continues to be able to slide through the mess relatively unscathed. Absolutely suit: now that the Olympics games are over for Vancouver, will as well as anticipated financial hangover begin?
With the current strength in the Vancouver Real Estate market matched with historically low increasing to go with it, you might say "how could we often be headed for a meltdown"? Current inventory is low which can be again sending Real estate property transactions into multiple offer situations with buyers paying $10,000, $20,000 and in many cases even $200,000 over market price. Although the latter is made for a specific product in the couple of choice neighbourhoods still has happened. The potential for a bubble is obviously there but not on a broad scale. It seems more like the micro-markets of Vancouver Property that are getting past an acceptable limit ahead of themselves are at the most risk for a bubble.
The Vancouver condo and townhouse market has seen growth during the last year at a pace which has all the right conditions to be sustainable. 1st-time buyers are likely to be the demographic with this category and are taking advantage of the low mortgage rates. While using recent changes imposed through the Canadian Government on mortgage lending, we ought to have a little more of a cushion against a standard bubble. The changes included that anyone seeking a home financing with less than 20% deposit (CMHC insured) would have to are eligible of a 5 year fixed rate mortgage regardless of the term these were seeking. Another safeguard was to lower the amount of equity you could withdraw from their home for refinancing purposes from 95% to 90% with the appraised value. In the case of a market retraction this would offer a little more cushion this sort of spending close to what their home is worth.
The $700,000+ debt left around the shoulders of the Vancouver taxpayers for the construction of the Olympic Village will hopefully be recouped in the next decade. As outlined by recent reports, one local developer was able to cash in on $31.8 million in high end units from people visiting for that 2 week Olympic period. The village will house approximately 1100 units of mixed income households in the sustainable community of shopping, services and parks.
Though there are some challenges ahead the long run still looks very bright and promising for the Vancouver Real Estate market. Some lessons have been learned that in hindsight should profit the City and Country avoid the same mess the U.S. got themselves into. There will be, although, pockets of bubbles where ignorance is driving people into frenzied buying and driving prices to unsustainable levels.
