Tina Mak (www.tinamak.com) : Vancouver Market Update

Vancouver, BC

July 2008

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Coldwell Banker Westburn Realty

June 2008

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Coldwell Banker Westburn Realty

May 2008

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Coldwell Banker Westburn Realty

April 2008

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Coldwell Banker Westburn Realty

March 2008

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Coldwell Banker Westburn Realty

Vancouver - markets still stressed

The strong house price gains recorded over the last few years continue to weigh on affordability conditions across the Vancouver market. Two-storey homes are the affordability outliers compared to other major markets with the average selling price now nearing a whopping $650,000 - this sits 35% above the average price for comparable Toronto home. The sharp erosion in conditions is expected to start filtering through the resale market this year allowing the pace of activity to calm down. The new home market is being driven by the multiples segment that soared in February by 45%. Despite the surge in February starts, some moderation in activity is expected for 2008. This projected slowing is consistent with the sharp deterioration in housing affordability in recent quarters and the fact that most of the strength so far this year has been in the volatile multiples component. As well, a generalized slowing in economic activity, with attendant downward impact on employment and income, will also weigh on housing going forward.

Vancouver - % of Household Income taken up by Ownership Costs

Vancouver - Mortgage Carrying Costs

Vancouver Resale Conditions

Vancouver Housing Prices

From the March 2008 Housing Affordability Newsletter from RBC - Read more about the BC and Canadian Market here
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Tina Mak (Click here to contact agent)
Coldwell Banker Westburn Realty

February 2008

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Tina Mak (Click here to contact agent)
Coldwell Banker Westburn Realty

January 2008

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Tina Mak (Click here to contact agent)
Coldwell Banker Westburn Realty

December, 2007

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Tina Mak (Click here to contact agent)
Coldwell Banker Westburn Realty

Unless you work in the Chiiliwack area, most buyer unlikey will consider buyng in Chilliwack however, from the investment point of view, it might not be a bad place to consider. Chilliwack is a fast-growing area, has great infrastructure, a new recreation centre, a regional hospital, near full employment, low rental vacancy rates and a new RCMP training campus. Average price of a detached house in Chilliwack was $362,000 in October, compared to $517,000 in the rest of Fraser Valley, and more than $730,000 in Greater Vancouver. Townhomes are popular for an average price of $262,315, up a startling 22% from a year ago. There's new project coming out for sale next year at $183 per s/f offering 3 BR, 1,418 sf from $259,900. Lots of local resident is waiting for it to start selling.

If u don't want to go to Chilliwack, u might want to check out Abbotsford. A 80 new condos building launched in early November sold out in 2 hours at prices from the low $200,000 range. Abbotsford expected to be one of the hottest construction zones in the province in 2008. It expected to see a 17% increase in multi-family starts next year. The re-sale detached house averaged at $400,000 & according to CMHC, it will rise approx.10% in 2008.

The new CMHC rental property product has opened the doors to wealth creation via real estate. For the 1st time, buyer can attain 100% insured mortgage financing on a rental property. If you were on the fence before, this might just put yuou over. For investors who already own rental properties, there is the additional benefit of refinancingyour rental purchase up to 95%. Newcomers to Canada, self-employed borrowers and also corporate borrowers are all eligible. Be aware buyer's good credit will be a determining factor in this program. So, pls speak to your banker or mortgage broker for further clarification.

Instead of investing where your friend tell you to invest, you might want to do some research yourself whether what suitable for your friend would be right for you. If you want to learn more about investing in BC, you can book an appt with Tina Mak at 604-412-5860 or email tina-mak@coldwellbanker.ca to discuss your investment plan.