Newsletter E-market update
December 08, 2015
All the best this upcoming holiday season…
As of the end of October, we have already surpassed the total sales numbers for 2014 in the Greater Vancouver area.While detached home prices continued to soar this year, the condo market also saw an upswing after a few years of lying dormant. With dwindling supplies of land, especially in the downtown area I expect to see this trend continue. New developments along the rapid transit routes like the Cambie corridor in Vancouver and the Brentwood area of Burnaby are very popular and selling quickly. Hopefully our long awaited Broadway skytrain line out to UBC will receive funding next year and will create a whole new market for new buildings along that corridor.
Our local governing body recently decided that pre-1940’s homes in First Shaughnessy can no longer be torn down. I don’t know how they decided upon that date, but the city should be prepared to offer some form of compensation to those homeowners as the value of their homes lies mainly in land and the land is less valuable if the home cannot be demolished.
CMHC statistics show that 3% of home sales in Greater Vancouver are to foreign buyers and that low mortgage rates, migration and high employment are driving our real estate market. At the same time urban planner Andy Yan’s recent study that found foreign ownership is as high as 66% in some areas. All you had to do is ask the some local realtors and they would have given you these same statistics! Surprising was the number of foreign owners who listed their occupation on title as “housewife” and” student”. I guess with no income in Canada you would not have to pay any income tax? Then again, this leads me to ask how these homes are being financed, which apparently 82% of them are. Are the banks favoring the foreign buyers?
As we quickly approach the end of another year I would like to thank everyone for their continued support and wish you all the best this coming holiday season. It has been an extremely successful year for myself and all of my clients, both buyers and sellers. I look forward to connecting with each of you in the new year. Happy Holidays!
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