HighsmithBenford197

Vancouver Real Estate

Vancouver Real Estate market has always been strong regardless of the meltdown of our neighbours to the south. Thanks to a more closely guarded banking system, Canada continues to be able to slide through the mess relatively unscathed. Absolutely suit: now that the Olympics games are over for Vancouver, will balance anticipated financial hangover begin?

Using the current strength in the Vancouver Real Estate market matched with historically low home loan rates to go with it, you are likely to say "how could we come to be headed for a meltdown"? Current inventory is low which can be again sending Real Estate transactions into multiple offer situations with buyers paying $10,000, $20,000 and even even $200,000 over list price. Although the latter is made for a specific product in a very couple of choice neighbourhoods nevertheless has happened. The potential for a bubble is unquestionably there but not on a broad scale. It appears more like the micro-markets of Vancouver Property that are getting too much 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 has all the right conditions to stay sustainable. 1st-time buyers are likely to be the demographic within this category and are enjoying the low mortgage rates. While using recent changes imposed with the Canadian Government on mortgage lending, we ought to have a little more of the cushion against a general bubble. The changes included that anyone seeking a home loan with less than 20% downpayment (CMHC insured) would have to met the criteria of a 5 year fixed price mortgage regardless of the term these were seeking. Another safeguard ended up being lower the amount of equity one could withdraw from their home for refinancing purposes from 95% to 90% with the appraised value. In the case of a market retraction this would offer a little more cushion if you are spending close to what their residence is worth.

The $700,000+ debt left on the shoulders of the Vancouver taxpayers for that construction of the Olympic Village will hopefully be recouped over the next decade. In accordance with recent reports, one local developer could cash in on $31.8 million in high-end units from people visiting for that 2 week Olympic period. The village will house approximately 1100 units of mixed income households in a very 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 assist the City and Country avoid the same mess the U.S. got themselves into. You will see, although, pockets of bubbles where ignorance is driving people into frenzied buying and driving prices to unsustainable levels.

Vancouver Real Estate