{"id":1112,"date":"2016-03-02T08:55:39","date_gmt":"2016-03-02T16:55:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1112"},"modified":"2016-03-01T16:24:35","modified_gmt":"2016-03-02T00:24:35","slug":"vancouvers-housing-market-shows-signs-of-overheating","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/03\/vancouvers-housing-market-shows-signs-of-overheating\/","title":{"rendered":"Vancouver\u2019s Housing Market Shows Signs of Overheating"},"content":{"rendered":"<p style=\"text-align: justify;\"><em><strong>RBC says it has never been so unaffordable to own a single-detached home here<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">VANCOUVER &#8212; Housing in Vancouver is becoming dangerously unaffordable. That was among the findings of an RBC report released Monday, the same day Vancouver city councillor Geoff Meggs offered a reality check to homeowners in the country\u2019s hottest real estate market.<\/p>\n<p style=\"text-align: justify;\">The Vancouver housing market is showing increasing signs of over-heating, according to RBC\u2019s Housing Trends and Affordability report for February.<\/p>\n<p style=\"text-align: justify;\">\u201cIn fact, it has never been so unaffordable to own a single-detached home in the Vancouver area,\u201d the report found.<\/p>\n<p style=\"text-align: justify;\">And while single-detached homes have already become out of reach for the vast majority of buyers, condos are also becoming less affordable.<\/p>\n<p style=\"text-align: justify;\">RBC\u2019s housing affordability measure shows the proportion of median pre-tax income needed to meet mortgage payments, property taxes and utilities for a median market-priced home in a given segment. Vancouver\u2019s measure for single detached homes was \u201can astounding\u201d 109% in the fourth quarter of 2015, according to the report. Condos were a more affordable 44.1%.<\/p>\n<p style=\"text-align: justify;\">Despite the high costs, home sales in Vancouver jumped 28% in 2015, with 43,000 units changing hands. At the same time, prices surged 11%. It was the strongest gain in the country.<\/p>\n<p style=\"text-align: justify;\">Affordability in Vancouver should continue to deteriorate in the near term given \u201ctight demand-supply conditions,\u201d projected RBC\u2019s analysts.<\/p>\n<p style=\"text-align: justify;\">Around the same time the troubling report was released, a few dozen Vision Vancouver supporters and other Vancouver residents gathered at a Downtown Eastside coffee shop to hear Meggs speak about \u201cthe urgent challenges\u201d of housing affordability and skyrocketing home prices.<\/p>\n<p style=\"text-align: justify;\">\u201cLet\u2019s be honest \u2014 for a long time we really enjoyed that ride. There wasn\u2019t a lot of people complaining about the escalation of single-family home values until relatively recently. That love of speculative gains from land is something that\u2019s part of \u2014 I think \u2014 our province\u2019s DNA and it\u2019s not good for us. We\u2019re finally hitting the point where we see that it has very negative consequences for the majority of the population,\u201d Meggs said.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s not just a crisis for people in poverty. It\u2019s not just a crisis for people who would like to live and work in the city of Vancouver, it\u2019s not just a crisis for those who someday hope to buy a place,\u201d he said, noting that the high market is harming the economy and social cohesion.<\/p>\n<p style=\"text-align: justify;\">But the big question is what to do about the problem. Vision Vancouver\u2019s path to making Vancouver the world\u2019s greenest city has in some ways been more clearcut than improving its affordability, Meggs said, referencing the two key planks of his party. It was a comment made to reflect the party\u2019s position that making housing more affordable demands efforts from the local, provincial and federal levels.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re hopeful for the first time that we could see that \u2018big three\u2019 partnership that\u2019s been missing for about 15 years to spark a lot of housing development,\u201d Meggs said.<\/p>\n<p style=\"text-align: justify;\">He praised the federal Liberals\u2019 commitment to invest in affordable housing: \u201cYou can\u2019t underestimate how important that is.\u201d<\/p>\n<p style=\"text-align: justify;\">He also noted that Victoria acknowledged housing affordability in its recent throne speech \u201cand to a degree, the budget.\u201d<\/p>\n<p style=\"text-align: justify;\">As for what Vancouver is doing to tackle affordability, Meggs had this to say: \u201cWe are so far ahead of other municipalities working on this front that it\u2019s a concern.\u201d<\/p>\n<p style=\"text-align: justify;\">He listed the creation of secondary suites and laneway houses as well as market rental and social housing units during his party\u2019s tenure in office as evidence of its success.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are proud of what we have accomplished, although we know that it\u2019s not enough.\u201d<\/p>\n<p style=\"text-align: justify;\">Other BC markets are also heating up, according to the RBC report. Victoria\u2019s resale market surged 23.5% in 2015, with home sales reaching their highest level in eight years. Homes in that city are roughly as affordable as the national average, RBC found.<\/p>\n<p><a href=\"http:\/\/www.vancouversun.com\/business\/real-estate\/vancouver+housing+market+shows+signs+overheating\/11752947\/story.html?__lsa=114e-7315\" target=\"_blank\">Vancouver\u2019s Housing Market Shows Signs of Overheating<\/a> by Matthew Robinson | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBC says it has never been so unaffordable to own a single-detached home here VANCOUVER &#8212; Housing in Vancouver is becoming dangerously unaffordable. That was among the findings of an &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/vancouvers-housing-market-shows-signs-of-overheating\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1112","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver\u2019s Housing Market Shows Signs of Overheating &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/vancouvers-housing-market-shows-signs-of-overheating\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver\u2019s Housing Market Shows Signs of Overheating &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"RBC says it has never been so unaffordable to own a single-detached home here VANCOUVER &#8212; Housing in Vancouver is becoming dangerously unaffordable. 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