Here on the first Graph the Year to Date for the Average Single Family Housing Market comparing all cities in the Greater Vancouver areas is up an AVERAGE 26% in the last 2 years with East Vancouver Detached Market setting the ALL TIME price increase record at 48%.
Do note that prices in the far end of the Fraser Valley (Even Chilliwack which is far from the epicenter, actually had an 11% increase)
So most cities actually went up over 20%. This is world record again the other top 30 cities. Click here
Below we compare both the Top 50% and the Lower 50% of the Markets
But please notice that the cities with the higher increases are in the Foreign Investment High Demand Areas. We estimate about 10 Billion dollars was injected into these coastal cities in 2015. Most of this cash would come from Mainland Chinese Sources. Typically the cities located East of the Port Mann bridge are in a Job Market Dependent Market and have exhibited 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 above Canada's Inflation Rate (~2%).
What a difference from the Downtown, Coal Harbor areas to the rest of the Lower Mainland. Here you can really see the difference of the Job market compared to the Foreign Investment markets.
Yes the Lower 50% of the Condo Market actually went Up 3.4% on Average.
Do notice that only a few cities even beat our expected 2% (4% over 2 years) 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