Real Estate

Vancouver housing bubble?

  • Last Updated:
  • Apr 5th, 2020 3:10 pm
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Newbie
Aug 15, 2006
12 posts
5 upvotes
Vancouver
[QUOTE]Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900. - See more at: http://www.rebgv.org/news-statistics/ho ... h7OMj.dpuf[/QUOTE]
-the Real Estate Board of Greater Vancouver, http://www.rebgv.org/news-statistics/ho ... ing-market, retrieved on may 23

You can look for the latest general and neighbourhood stats at http://www.rebgv.org/news
http://www.rebgv.org/home-price-index (scroll down) is probabbly the one you want

Realtors® who work on ground and their real estate board has the latest stats but for a see-all (but not latest) bird's eye view of what happened in 2014 Urban Futures and Landcor compiled a slick map here: http://landcordatacorp.maps.arcgis.com/ ... 3b56dca6fd

But from what I can see, things are crazy, selling fast in less than a week, basically open house on sat/sun then it's gone on monday or so. Some do sell much slower mostly because of "hopeful" sellers going WAY WAY beyond what this hot market can support.

All the above links are public information.
edit: Disclosure, Realtor®
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
481 upvotes
Vancouver
A few millenials aren't important

It's important that canada doesn't follow the racially motivated methods that australia uses
Deal Addict
Jul 21, 2011
1724 posts
221 upvotes
RMB
604nation wrote: not good enough need a tax on foreigners - the Mayor's office and Premier's office are owned by Rennie.

citizens and millennial are looking to leave Vancouver - a city of foreigners will be left. we need to follow the lead of Australia.

http://www.exfin.com/files/general_mate ... 02015v.pdf
My uncle Mao in hong Kong told me he want to buy a property in candada, he then wired me a few hundred k of tax free gift for down payment. Foreign family money manage by local Canadian family member = problem solved :)
Deal Addict
Jul 9, 2004
1572 posts
169 upvotes
Delta
popbottle wrote: It's important that canada doesn't follow the racially motivated methods that australia uses
I thought foreigners from all over the world invested in Canadian RE? Why play the race card?
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
481 upvotes
Vancouver
dighn wrote: I thought foreigners from all over the world invested in Canadian RE? Why play the race card?
Yes foreigners come from around the world to Canada to buy real estate. People do not agree on whether its a lot or not though. Another individual made reference to Australia. Australia sort of has institutionalized discrimination, and is either famous or infamous for it depending on who you ask
Deal Expert
User avatar
Oct 26, 2003
32361 posts
3167 upvotes
Winnipeg
easy solution, build more houses! we have no shortage of land in this country, you got the money, we can build it!
Deal Addict
Aug 31, 2014
1426 posts
470 upvotes
YVR, BC
popbottle wrote: A few millenials aren't important

It's important that canada doesn't follow the racially motivated methods that australia uses
Australia has it right and currently the population of Vancouver would agree; sadly because some foreigners are going to ruin the tolerance Canadians have demonstrated for the rest - at least Australia has the foresight to see what is happening, they also took action because their problem includes boat refugees and they are only a few hours flight from foreigner ground zero.

- tax on foreigners and speculators

- CBSA to confiscate illegal money from ports of entry

- FINTRAC to confiscate wired/undocumented money from China/Asia
Deal Addict
Oct 29, 2010
4287 posts
634 upvotes
Isn't it like a very very tiny percentage of the market though?
My guess is that a better strategy would be high interest rate mortgages on houses that aren't the primary residence.
Deal Fanatic
User avatar
Apr 20, 2011
5310 posts
481 upvotes
Vancouver
http://www.urbanfutures.com/foreign-unoccupied-pdf/
""Given recent discussions about dwellings occupied by foreign/temporary residents in this region, it is
productive to commence with consideration of how we compare to other census metropolitan areas
(CMAs) in Canada. Dwellings occupied by foreign and/or temporary residents in the Vancouver CMA
represent 0.8 percent of the dwellings in this region, about the same (insignificant) share as they do in
other major metropolitan regions in Canada. In considering the 19 metropolitan regions in Canada with
populations of at least 200,000, the Vancouver CMA was right in the middle of the pack with the Saskatoon
and Regina CMAs (0.9 percent), and
the Montreal and Victoria CMAs (0.8
percent)."
Sr. Member
Feb 5, 2013
592 posts
109 upvotes
604nation wrote: Australia has is right and currently the population of Vancouver would agree; sadly because some foreigners are going to ruin the tolerance Canadians have demonstrated for the rest -

Does this tolerance include the Vancouver properties that have riders on the title that do not permit Chinese buyers :)

Too rich!
Deal Fanatic
Oct 7, 2007
6301 posts
2573 upvotes
Personally, I don't think Gregor is serious about proposing any kind of speculation tax. I think this is just for optics and popularity. All of the mayor's actions seem consistent with promoting real estate development and density across the City which involves selling to a lot of non-residents. I know some people will say the stats suggest that it isn't foreigners buying these properties but I believe that it is. A realtor that I know very well has told me that there are a lot of foreigners buying properties here in Vancouver and most of them are paying all cash.
Deal Fanatic
Oct 7, 2007
6301 posts
2573 upvotes
popbottle wrote: http://business.financialpost.com/perso ... ubble-seen
"Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity.

The government, which has made four changes to housing finance rules since 2008 to cool booming sales and rising prices, is satisfied with market dynamics today and isn’t seeking further reform, Oliver said.

“We do not see the need for major changes at this time,” Oliver said in the text of a speech he gave Wednesday at a real estate event that was closed to media. “We will continue to monitor the market and make adjustments, if needed, although none are being actively considered right now.”"
Nope, no bubble here. Ya, right. And Mr. Oliver doesn't live in a bubble either.
Deal Addict
Jan 2, 2015
1449 posts
467 upvotes
Toronto, ON
divx wrote: easy solution, build more houses! we have no shortage of land in this country, you got the money, we can build it!
Much of this land is not desirable or near jobs, so "premium" space is limited. Apartments and condos allow you to pack more people in the same surface area. Maybe in a few decades, today's young people will tell their kids "I remember a time when people lived in houses, those are buildings that didn't touch your neighbour's building..."

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