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 near 4% with East Vancouver setting the price increase record.
Do note that prices in West Surrey homes and a few other cities are actually DOWN!
So there are only a few cities actually went up over 6.6%.
Nov 6 2014 update. 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 Down 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 will recover and increase when Demand Increases 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 so easy to Over Supply with the many new high rises currently being developed this year. Single Family Lots ...in other words "DIRT" will continue to be the the one true investment that can rarely be over supplied.
The Townhouse Markets
Once again the Lower 50% of the Townhouse Market is funded by mortgage money.
This lack luster performance is indicative of a struggling job market and tighter bank lending policies.
"Realtor, Real Estate Analysis & Lifestyle Consultant" Bill@CoughlinTeam.com