Metro Vancouver housing prices will continue to rise after the COVID-19 pandemic, creating a drag on sales growth as homebuyers’ budgets shrink, according to the Canada Mortgage Housing Corp.’s spring outlook Thursday.
CMHC senior analyst Braden Batch predicted that Metro’s housing market will face the same housing affordability and supply-shortage challenges that existed pre-pandemic.
He said demand for housing in Vancouver last year went in two different directions: demand for home ownership expanded, and demand for rental housing receded.
The COVID-19 lockdown resulted in a major decline in the typical flow of migrants into the Vancouver region, especially very young adults and students, while lower mortgage rates triggered a burst of move-up and first-time buyers entering a market that was already experiencing dwindling inventories before 2020, added Batch.
“Vancouver’s housing market will adjust to reopening borders and development in fu...
One third of BC residents live in a strata home, whether it’s a condo, townhouse, or multi-plex unit.
Strata homes are usually more affordable than their single-family counterparts. They can also lessen the burdens of home ownership, with strata residents sharing responsibilities for things like maintenance, snow shoveling, and security. And while these homes tend to be smaller, they may also have access to amenities like a pool or gym.
Metro Vancouver’s real estate market has been picking up steam since last fall, culminating in record sales and new listing activity last month. In an active market like this, seeking professional advice from a REALTOR® is more important than ever.
With this in mind, the Real Estate Council of BC (Council) and the Office of the Superintendent of Real Estate (OSRE) released a joint statement advising home buyers and sellers to seek professional advice, do their research, and understand the risks involved before buying or selling a home.
Today’s market is marked by subject-free offers, intense competition for properties via multiple offers, and properties selling faster than usual.
Under these conditions, home buyers may feel the need to make quicker and perhaps riskier decisions.
Council and OSRE are advising home buyers...