The most searched keyword on REALTOR.ca by Vancouverites in 2017 was ‘Suite’, followed by ‘Loft’ and “View’.
The Metro Vancouver’s Population is expected to grow to 3.6Million by 2045, and increase of 1.2Million residents. To accommodate these new population, Vancouver will require almost 300,000 new low to mid rise units and 200,000 new apartments. Metro Vancouver is encouraging growth in compact urban centres which will see a 10% increase in housing and 50% increase in employment growth.
Three big Canadian banks raised ther five-year fixed mortgages rates within a week of each other. TD, RBC and CIBC raised their rates by as little as 0.15 to as much as 0.45 percentage points.
A study showed that millennials’ home buying power shrunk by $40,000 following the introduction of new federal mortgage requirements earlier this year.
Metro Vancouver home sales hit a 17 year April low and home sellers have become more active than what we have seen in the past 3 years. These changing dynamics are giving home buyers more Choices and less competition on single properties.