Vancouver's Pre-Sale Condo Market Is Hot To Trot Jan 29th

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Vancouver's Pre-Sale Condo Market Is Hot To Trot

– walletpop.ca

By Lydia McNutt

More than 10,500 new condo units* are slated to hit the Greater Vancouver housing market this year, according to MLA Canada’s 2017 Market Intel report — opening up plenty of more-affordable housing options for prospective homebuyers who have been priced out of the single-detached segment.

It’s welcome news in the city that has once again taken its usual place atop the unaffordability scale, as per the latest RBC Housing Trends and Affordability Report. Vancouver also ranked third least-affordable housing market worldwide in the 2017 Demographia International Housing Affordability Survey, trailing only Hong Kong, China and Sydney, Australia. And most recently, Canada Mortgage and Housing Corp. has issued another warning, flagging Vancouver’s potential housing market risks thanks to overvaluation and the rate of price growth.

Greater Vancouver’s hot housing market activity saw its peak in March 2016, followed by a decline before levelling off into 2017. This shift has been attributed to recent provincial and federal policy changes implemented in 2016 — namely the foreign buyers’ tax and the new mortgage rules…

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