{"id":1434,"date":"2016-04-02T08:55:50","date_gmt":"2016-04-02T15:55:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1434"},"modified":"2016-04-01T17:48:43","modified_gmt":"2016-04-02T00:48:43","slug":"early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area\/","title":{"rendered":"Early Signs of a &#8220;Real Estate Ripple Effect&#8221; Happening in Vancouver Area"},"content":{"rendered":"<p style=\"text-align: justify;\">As Vancouverites grapple with a red hot real estate market, some homeowners are cashing in and moving to the suburbs, or further to Vancouver Island, to capitalize on more reasonable housing prices.<\/p>\n<p style=\"text-align: justify;\">\u201cI think it\u2019s a little early to call it a trend but I like to say it\u2019s an \u2018option\u2019 for people now,\u201d Janice Stromar, this year\u2019s president-elect for the Vancouver Island Real Estate Board, told Yahoo Canada Finance. \u201cThey can cash out on their really expensive homes in Vancouver, come here, buy a way nicer house for a third of the money and use some of that money to commute.\u201d<\/p>\n<p style=\"text-align: justify;\">According to an analysis of last month\u2019s Multiple Listing Service (MLS) sales data by Vancouver-based research firm SnapStats, end of month sales of downtown Vancouver condos and townhouses under $600,000 and attached properties for $700,000 on the city\u2019s east side, were dramatically outpacing new listings, accelerating the market and draining the pool of homes faster than it can be replenished.<\/p>\n<p style=\"text-align: justify;\">Thomas Davidoff, housing economist and professor at UBC\u2019s Sauder School of Business, admits that while he doesn\u2019t have precise data to support any claims of migrating homebuyers, from an overarching view, it\u2019s clearly happening in some areas.<\/p>\n<p style=\"text-align: justify;\">\u201cTownhomes and apartments in East Vancouver really hadn\u2019t moved much recently, it was mostly the west side but it\u2019s clear in recent years its been spilling outwards,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">He points out that sometimes home sellers take the money they earn for a sale and downsize.<\/p>\n<p style=\"text-align: justify;\">\u201cSo that pushes up townhome prices, people who had the money to buy a house on the west side now go to the east side and East Vancouver, which used to be working class and middle class is now getting very, very expensive,\u201d he says. \u201cThe drop in the pond ripples out.\u201d<\/p>\n<p style=\"text-align: justify;\">In early March, Port Coquitlam councillor Brad West highlighted the rising cost of living in the suburbs in a conversation with CBC News.<\/p>\n<p style=\"text-align: justify;\">\u201cGenerally, people have come to Port Coquitlam because it\u2019s a more affordable place for families,\u201d he told CBC. \u201cMy own family, that\u2019s our story. My parents moved from North Burnaby to Port Coquitlam in the the 80s.\u201d<\/p>\n<p style=\"text-align: justify;\">But after visiting an open house for a modest, two-storey, 2,400 square-foot home priced at $1.1 million, West says he thinks the prices even in the hinterlands are becoming out of reach.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a middle class, working class community and I thought, \u2018How is anyone in our community ever going to be able to afford to live in a home listed at $1.1 million?\u2019\u201d said the councillor.<\/p>\n<p style=\"text-align: justify;\">While much debate has happened about the effect foreign investments are having on housing prices, for places like Nanaimo, where Stromar has lived for 22 years, the newcomer profile is more likely Vancouverites looking to buy places with \u201cin-law suites,\u201d self-contained units that can be rented out to generate additional income for the home owner.<\/p>\n<p style=\"text-align: justify;\">\u201c(Foreign investment) is definitely here but they\u2019re about two per cent of our market and they\u2019re not shopping in the market that most people in Nanaimo are shopping in \u2013 they\u2019re in the $800,000-plus market,\u201d she says. \u201cThe meat of our market is $200,000 to $500,000\u2026 once you start getting into that, people want houses as mortgage helpers.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Getting to work by boat or plane<\/strong><\/p>\n<p style=\"text-align: justify;\">Commuting is doable, with the ferry from West Vancouver to Nanaimo taking about two hours. There\u2019s also a hele-jet and floatplane that take about 20 minutes.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you have a job that requires you only being in the office once or twice a week, then I think it\u2019s a really viable option,\u201d says Stromar.<\/p>\n<p style=\"text-align: justify;\">But going the Vancouver Island \u201coption\u201d and commuting isn\u2019t cheap.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s $40,000 a year to commute daily on the float plane,\u201d she adds. \u201cThere\u2019s a fast ferry attempt going on \u2013 downtown to downtown \u2013 the cost would be considerably cheaper than what it is, it\u2019d be more like $6,000 a year.\u201d<\/p>\n<p style=\"text-align: justify;\">Even still, it\u2019s cheaper than commuting, paying gas and parking she says.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you factor in what you\u2019re paying for a mortgage here and what you\u2019re paying for a mortgage there it makes it more reasonable,\u201d says Stromar. \u201cBut I think it\u2019s not only the price, it\u2019s the lifestyle.\u201d<\/p>\n<p><a href=\"https:\/\/ca.finance.yahoo.com\/blogs\/insight\/early-signs-of-a-real-estate-ripple-effect-160747965.html\" target=\"_blank\">Early Signs of a &#8220;Real Estate Ripple Effect&#8221; Happening in Vancouver Area<\/a> by Andrew Seale | Yahoo Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Vancouverites grapple with a red hot real estate market, some homeowners are cashing in and moving to the suburbs, or further to Vancouver Island, to capitalize on more reasonable &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area\/\">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-1434","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>Early Signs of a &quot;Real Estate Ripple Effect&quot; Happening in Vancouver Area &#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\/04\/early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Early Signs of a &quot;Real Estate Ripple Effect&quot; Happening in Vancouver Area &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As Vancouverites grapple with a red hot real estate market, some homeowners are cashing in and moving to the suburbs, or further to Vancouver Island, to capitalize on more reasonable &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/early-signs-of-a-real-estate-ripple-effect-happening-in-vancouver-area\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Early Signs of a &#8220;Real Estate Ripple Effect&#8221; 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