| The Vancouver Real Estate market has remained | | | | than 20% down payment (CMHC insured) would |
| strong despite the meltdown of our neighbours to | | | | have to meet the requirements of a 5 year fixed |
| the south. Thanks to a more closely guarded | | | | rate mortgage regardless of the term they were |
| banking system, Canada has been able to slide | | | | seeking. Another safeguard was to lower the |
| through the mess relatively unscathed. The | | | | amount of equity one could withdraw from their |
| question is: now that the Olympics games are | | | | home for refinancing purposes from 95% to 90% |
| over for Vancouver, will the much anticipated | | | | of the appraised value. In the case of a market |
| financial hangover begin? | | | | retraction this would give a little more cushion for |
| With the current strength in the Vancouver Real | | | | those who are spending close to what their home |
| Estate market matched with historically low | | | | is worth. |
| mortgage rates to go with it, one would say "how | | | | The $700,000+ debt left on the shoulders of the |
| could we possibly be headed for a meltdown"? | | | | Vancouver taxpayers for the construction of the |
| Current inventory is low which is again sending | | | | Olympic Village will hopefully be recouped over the |
| Real Estate transactions into multiple offer | | | | next decade. According to recent reports, one |
| situations with buyers paying $10,000, $20,000 | | | | local developer was able to cash in on $31.8 million |
| and in some cases even $200,000 over list price. | | | | in high end units from people visiting for the 2 |
| Although the latter is for a specific product in a | | | | week Olympic period. The village will house |
| couple of choice neighbourhoods it still has | | | | approximately 1100 units of mixed income |
| happened. The potential for a bubble is definitely | | | | households in a sustainable community of |
| there but not on a broad scale. It looks more like | | | | shopping, services and parks. |
| the micro-markets of Vancouver Real Estate that | | | | Although there are some challenges ahead the |
| are getting too far ahead of themselves are at | | | | future still looks very bright and promising for the |
| the most risk for a bubble. | | | | Vancouver Real Estate market. Some lessons |
| The Vancouver condo and townhouse market | | | | have been learned that in hindsight should help the |
| has seen growth over the past year at a pace | | | | City and Country avoid the same mess the U.S. |
| that has all the right conditions to stay sustainable. | | | | got themselves into. There will be, although, |
| 1st-time buyers are generally the demographic in | | | | pockets of bubbles where ignorance is driving |
| this category and are taking advantage of the | | | | people into frenzied buying and driving prices to |
| low mortgage rates. With the recent changes | | | | unsustainable levels. On a broad scale the city's |
| imposed by the Canadian Government on | | | | real estate market will see slow growth through |
| mortgage lending, we should have a little more of | | | | the remainder of 2010 with a moderate increase |
| a cushion against an overall bubble. The changes | | | | going into 2011. |
| included that anyone seeking a mortgage with less | | | | |
