Justin MacKinnon

Cell: 778-229-7444 |

 

 

The topic on everyone's minds is not going away.  Government is making moves to nip certain problems in the bud, but is any of it really helping?  Mayor Gregor Robertson has just rolled out a new plan to limit the marketing of new developments locally first and foremost before going...overseas for example.  So, if a new project starts in East Vancouver, for the first 30 days, marketing will be limited to East Vancouver.  Only after 90 days or so will it be allowed to be promoted overseas.  Is this good for Vancouverites?  Yes.  Is this good for affordability?  Not really.  

Same goes for motions made towards condo assignments or "shadow flipping" as the media calls it.  Coming down on sellers and agents who are taking advantage of the system is a good thing, but I feel that all the work local and federal government are doing to regain the trust of the public in regards to real estate is still not fixing the larger issue here.  

 

Empty home tax is a great deterrant for speculators who are not using our housing market for actual housing, but again, it feels to me like these minimal effort moves are just a dog and pony show for upcoming by-elections.  

I do see some moves as being beneficial to the overall problem, such as allowing more rental suites per lot.  Moves such as these will definitely allow home-buyers to attain more mortgage help.  It also opens up more rental inventory.  

I also see a lot more development happening these days, which should be lowering prices.  Yet I dont see prices dropping.  If supply is increasing to meet demand, shouldn't there be market corrections?  The detached single-family housing market is slowing, but the attached market is stronger than ever!  There are future plans for a lot more inventory coming down the pipes, so maybe a massive increase in inventory will eventually solve the problem, but I dont see these bandaid solutions helping any time soon.

 

https://www.straight.com/news/981731/vancouver-council-debate-putting-locals-ahead-foreign-buyers-lines-real-estate-pre-sales

 

https://beta.theglobeandmail.com/news/british-columbia/cra-investigation-seeks-information-to-identify-bc-condo-flippers/article36596875/?ref=http://www.theglobeandmail.com&

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July 2017 saw a decline of 8.2% in residential sales in comparison to July 2016, and a decline by 24% from the previous month!  Because of this decrease in sales, we are seeing an increase of selection for buyers.  Detached, single-family homes are still on the decline while condos and townhouses are taking half the time on average to sell.  You still see some detached homes selling quickly from multiple offers in certain areas depending on where, how much, and what condition they are in, but his is not a consistant trend as of late.  Strata units, however, are still going strong.  The benchmark price for all residential properties in Metro Vancouver is currently $1,019,400, surpassing $1,000,000 for the first time ever.  Specifically, Apartments in the Greater Vancouver are averaging $616,000 and Townhouses are at $763,000 whereas detached homes are sitting at $1.6 million.  

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