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Why is Vancouver’s Housing Market So Hot?

May 5, 2016 by Editor

North Vancouver Market Trends - April 2016

Benchmark price of a “typical’ home in North Vancouver – April 2016

Another month, another real estate record.

Across the region we are seeing housing prices rise and at the same time, the number of homes sold setting records. The demand for homes is just not slowing and it’s that demand that is pushing prices upwards. What’s behind it all?

The hot local housing market is driven by a strong economy, additional market influences and low supply. We’ve seen more than 3% growth in Greater Vancouver’s economy. Throw in low interest rates, a low Canadian dollar and an increasing demand on a low supply there is no reason to expect that the Vancouver housing market will cool in the near future.

Higher Than Average Economic Growth

Greater Vancouver’s economy is expected to expand by 3.3% in 2016, the third year in a row that growth will surpass 3%, says the Conference Board of Canada.

In comparison, the Canadian economy will have only grown by about 1.8 per cent per year over the same three year period.

Market Influences Driving Demand

And a strong economy is just one of the reasons our local real estate market is so hot. We are also enjoying these additional market influences, all of which drive demand for housing and help keep prices strong:

  • Steady low interest rates
  • Increasing population
  • Low Canadian dollar
  • Safe haven for investors

Simple Supply and Demand

Adding to those factors, our market is also experiencing a low supply of single family detached houses, constraining the supply side of the equation. 

Until one or more of these major influences changes significantly, there is no reason to expect that our housing market will cool or change quickly.

Get Details Pertinent To Your Area

Different neighbourhoods and different housing types often experience different trends – you can contact me for the details pertinent to your area and your home.

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Filed Under: Real Estate Perspective Tagged With: Housing Market

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

Monthly Articles

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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