EllingsonOlszewski34
出典: くみこみックス
Vancouver Real Estate
Vancouver Real Estate market has remained strong despite the meltdown of our neighbours to the south. Thanks to a more closely guarded banking system, Canada has been able to slide from the mess relatively unscathed. Now you ask: now that the Olympics games are no longer for Vancouver, will the much anticipated financial hangover begin?
Using the current strength inside Vancouver Real Estate market matched with historically low increasing to go with it, you might say "how could we come to be headed for a meltdown"? Current inventory is low which is again sending Property transactions into multiple offer situations with buyers paying $10,000, $20,000 and in many cases even $200,000 over market price. Although the latter is for a specific product in the couple of choice neighbourhoods still it has happened. The opportunity for a bubble is definitely there but not with a broad scale. It looks 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 has all the right conditions to stay sustainable. 1st-time buyers are often the demographic in this category and are using the low mortgage rates. With all the recent changes imposed from the Canadian Government on mortgage lending, we have to have a little more of an cushion against a standard bubble. The changes included that anyone seeking a mortgage with less than 20% down payment (CMHC insured) would have to are eligible of a 5 year set rate mortgage regardless of the term they were seeking. Another safeguard ended up being lower the amount of equity you are able to withdraw from their home for refinancing purposes from 95% to 90% of the appraised value. In the case of a market retraction this would offer a little more cushion this sort of spending close to what their home is worth.
The $700,000+ debt left for the shoulders of the Vancouver taxpayers for the construction of the Olympic Village will hopefully be recouped over the next decade. In accordance with recent reports, one local developer might 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 in a sustainable community of shopping, services and parks.
Nevertheless, there are some challenges ahead the near future still looks very bright and promising for that Vancouver Real Estate market. Some lessons are already learned that in hindsight should profit the City and Country steer clear of the same mess the U.S. got themselves into. There will be, although, pockets of bubbles where ignorance is driving people into frenzied buying and driving prices to unsustainable levels.
