Did Vancouver Real Estate really go up 6.6% in the last year? True or False?
I want show you the Real Market Change Facts.....
So when you hear Vancouver has gone up more than 50% in the last year .... that it is only certain markets segments.
Do checkout Homes, Condos and Townhome Markets that are showing very different market changes!
Here on the first Graph the Year to Date for the Top 50% Single Family Housing Market comparing all cities in the Greater Vancouver areas is up an AVERAGE of 82% with White Rock setting the second price increase record, West Vancouver being the highest.
Do note that prices in Delta Homes showed the lowest of all in terms of prices!
, more than 100% increase for Fraser Valley Areas from 2011.
The Realties are that 18.2% of the Markets actually LOST value in the last year and 47% or 49 of these 104 markets did NOT even meet Canada's Annual Inflation rate. (2014 CPI is Projected at 1.9%)15 year CPI History =2.2%
Yes the Lower 50% of the SFD (Single Family Detached) Market in fact did go up a higher % on average, much of this mark
But please notice that the cities with the higher increases are in the Foreign Investment High Demand Areas. We estimate about 5 Billion dollars was injected into these coastal cities in the last year. Most of this cash would come from Mainland Chinese Sources. Typically the cities located west of the Port Mann bridge are in a Job Market Dependent Market and have exhibited much more muted increases.
The Condo Markets
Lets Look at the Top 50% of the Condo Market which for the first time in years have increases approaching Canada's Inflation Rate (~2%).
What a difference from the Downtown, Coal Harbor areas to the rest of the Lower Mainland.
Yes the Lower 50% of the Condo Market actually went UP on Average.
Do notice that only a few cities even beat our expected 2% Canada Consumer Annual Inflation Rate.
Are Condos a good investment? When will they go up?
Low End Condos attract very little foreign investment. This Market is considered mostly a Job Driven Market!
The Condo market has recovered and increased as the Demand Increased eg: when we have stronger employment with good paying jobs. More Tim Horton jobs will not create many more home buyers.
The Condo Market is Under Supply as high rises slowed in construction and rise due to the Pandemic. Single Family Lots ...
The Townhouse Markets
Once again the Lower 50% of the Townhouse Market is funded by mortgage money.
Despite the tighter bank lending policies and struggling job market due to Covid-19, Townhouses continue to show price increase.
Bill Coughlin
"Realtor, Real Estate Analysis & Lifestyle Consultant" Bill@CoughlinTeam.com
1-778-374-3744 cell 1-888-539-4664 Toll free
EXP Realty
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