Участник:KettieGarfield54
Vancouver Real Estate
Vancouver Real Estate market has remained strong despite the meltdown of our neighbours to florida. Thanks to a more closely guarded banking system, Canada continues to be able to slide over the mess relatively unscathed. Now you ask: now that the Olympics games are over for Vancouver, will balance anticipated financial hangover begin?
While using current strength in the Vancouver Real Estate market matched with historically low increasing to go with it, you are likely to say "how could we come to be headed for a meltdown"? Current inventory is low that's again sending Property transactions into multiple offer situations with buyers paying $10,000, $20,000 and even even $200,000 over list price. Although the latter is perfect for a specific product in the couple of choice neighbourhoods still has happened. The opportunity of a bubble is definitely there but not with a broad scale. It's more like the micro-markets of Vancouver Property that are getting too far ahead of themselves are at the most risk for a bubble.
The Vancouver condo and townhouse market has seen growth over the past year at a pace which includes all the right conditions to stay sustainable. 1st-time buyers are often the demographic on this category and are taking advantage of the low mortgage rates. Using the recent changes imposed through the Canadian Government on mortgage lending, we ought to have a little more of an cushion against a general bubble. The changes included that anyone seeking home financing with less than 20% down payment (CMHC insured) would have to met the criteria of a 5 year fixed interest rate mortgage regardless of the term these were seeking. Another safeguard would have been to lower the amount of equity you are able to withdraw from their home for refinancing purposes from 95% to 90% in the appraised value. When it comes to a market retraction this would provide a little more cushion for those who are spending close to what their home is worth.
The $700,000+ debt left for the shoulders of the Vancouver taxpayers for your construction of the Olympic Village will hopefully be recouped on the next decade. Based on recent reports, one local developer was able to cash in on $31.8 million in high-end units from people visiting for the 2 week Olympic period. The village will house approximately 1100 units of mixed income households inside a sustainable community of shopping, services and parks.
Although there are some challenges ahead the long run still looks very bright and promising for that Vancouver Real Estate market. Some lessons are actually learned that in hindsight should conserve the City and Country prevent the same mess the U.S. got themselves into. You will have, although, pockets of bubbles where ignorance is driving people into frenzied buying and driving prices to unsustainable levels.
