Jeff Weaver // 604-809-8788 // Jeff@JeffWeaver.ca

 

 

As Vancouver housing prices continue to rise it may not be all to do with foreign investment.

 

Home buyers statistics released in 2014 showed that Mainland Chinese were buying approximately 70% of the homes valued over $3-million. It also showed that Chinese investment is actually quite low when it comes to the lower 75% of the market, the affordable housing.

 

Chinese buyers only represent approximately 11% of sales under $1-million.

 

It appears that the increasing housing prices are dictated more by the lower interest rates and low supply of housing. In the lower mainland there are only a few municipalities still capable of new single family housing development such as Maple Ridge, Langley and Surrey.

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As the housing market continues to heat up even though the summer is winding down line ups are developing outside brand new developments in the False Creek area. Potential home owners are queueing up hours or days in advanced for the chance to purchase these new condos/townhouses in desirable areas.

 

To buy a home in Vancouver, buyers require more than just a down payment these days. They need to try something more aggressive, unique and always more money helps.

 

You can even hire Vancouver REALTORS® to camp out in some of these line ups for certain developments to hold your place in line if you are an out-of-town buyer. It just shows that some of the industries experts are changing the way they play the game.

 

A great deal of the sales are from foreign investment buyers that buy property and then flip them for a profit. This sort of short term investment has encouraged prices to increase but mostly for the local home owner. Some have suggested a speculation tax that is added to investment properties that sell within a certain timeline. However, this may adversely affect the provinces housing market.

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The summer heat hasn't slowed buyer demand!

 

Sellers continue to benefit from today's activity as home buyers compete for the homes available for sale. There was 3,978 sales in July 2015 which is up 30% compared to last year and 33.5% above the 10 year average.

 

Much of today's acitivity can be traced to:

  • Strong consumer confidence
  • Low interest rates
  • Reduced supply of homes for sale

There are currently 11,505 homes for sale on the July 2015 MLS which is down 26.3% compared to last year as is the lowest totalled since 2006.

 

The benchmark for all residence properties in July 2015 rose to $700,500 which is up 11.2% from last year.

 

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Atlanta, Georgia

7 Bed | 14 Bath | 34,650 sqft | $25,000,000

Provincial-style manor built in 2008 set on 17 acres along the Chattahoochee River 5km from the City.

 

Sea Island, Georgia

7 Bed | 7 Bath | 6,970 sqft | $6,450,000

Built in the 1930's designed in a Mediterranean Revival style located on Georgia's Sea Island.

 

Pacific Palisades, California

3 Bed | 5 Bath | 3,085 sqft | $5,500,000

Built in 1950 this home demonstrates quintessential midcentury-modern design on a bluff overlooking the Pacific Ocean.

 

Houston, Texas

6 Bed | 6 Bath | 8,026 sqft | $2,990,000

Built in 1955 and located 30 minutes from downtown the only Frank Lloyd Wright-designed residence in Houston.

 

Fife, Scotland

3 Bed | 2 Bath | 2,768 sqft | $1,400,000

Located in the rural region of Fife, Scotland this home is constructed of wood and glass.

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While most of the attention is gobbled up by Vancouver, Toronto and Calgary markets there is quite a shift in some of the smaller markets in Canada as well.

St. John's - Newfoundland and Labrador

Since 2000 Newfoundland and Labrador have seen an incredible boom in economy due to the off shore drilling rigs that have pulled in billions in investment. Most people look to Calgary and Alberta for the oil boom but Newfoundland has seen a 50% growth in economy since 2000.

 

Windsor, Ontario

Windsor was hit hard in the global financial crisis because of its dependence on manufacturing. With the strengthening Canadian economy Windsor has seen a remarkable change of face and has had a 30% increase in home sales this year alone. With the automotive industry resurgence Windsor has increased jobs, and increased home prices by 5% from last July.

 

Squamish, British Columbia

As detached homes continue to skyrocket out of control in Vancouver and the North Shore people are deciding to make the 45min trek up the sea-to-sky highway in search of more affordable housing. Home sales were up 58% from just last year and detached home prices have jumped more than 20%.

 

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