{"id":1778,"date":"2016-04-29T08:55:47","date_gmt":"2016-04-29T15:55:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1778"},"modified":"2016-04-29T09:26:43","modified_gmt":"2016-04-29T16:26:43","slug":"cmhc-vancouver-housing-market-now-showing-strong-evidence-of-overvaluation","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/cmhc-vancouver-housing-market-now-showing-strong-evidence-of-overvaluation\/","title":{"rendered":"CMHC : Vancouver Housing Market Now Showing &#8220;Strong Evidence&#8221; of Overvaluation"},"content":{"rendered":"<p style=\"text-align: justify;\">As Vancouver\u2019s housing market continues to heat up, the Canada Mortgage and Housing Corporation (CMHC) announced April 27 the city is now showing strong evidence of overvaluation.<\/p>\n<p style=\"text-align: justify;\">In the CMHC\u2019s previous assessment, released in January, the organization had found moderate evidence of overvaluation.<\/p>\n<p style=\"text-align: justify;\">\u201cSingle detached home prices are higher than levels supported by economic fundamentals, and inventories of new and resale homes are declining while demand remains high,\u201d said Robyn Adamache, the CMHC\u2019s principal market analyst for Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re also keeping an eye on overheating and price acceleration, which are slowly advancing, but evidence of these conditions remains weak.\u201d<\/p>\n<p style=\"text-align: justify;\">In compiling its overall assessment of whether a city is showing evidence of problematic conditions, the CMHC considers overheating, price acceleration, overvaluation and overbuilding.<\/p>\n<p style=\"text-align: justify;\">Despite the strong evidence of overvaluation, the CMHC said Vancouver\u2019s housing market shows evidence of moderately, but not strongly, problematic conditions.<\/p>\n<p style=\"text-align: justify;\">There is little evidence of overbuilding, overheating or price acceleration in the city, the CMHC said in its report, which has kept the overall assessment from crossing into strongly problematic.<\/p>\n<p style=\"text-align: justify;\">The housing market in Vancouver has been soaring in 2016. In March alone, a total of 5,301 homes were sold in the city\u2014up more than 28% year-over-year\u2014according to British Columbia Real Estate Association data released April 15. The benchmark price increased almost 23% over that period, reaching $1,093,267.<\/p>\n<p style=\"text-align: justify;\">Across the province, the number of homes sold soared 38% over the year. BCREA chief economist Cameron Muir said this increase is tied to strong employment growth, increasing wages and inter-provincial migration into the province.<\/p>\n<p style=\"text-align: justify;\">According to a Central 1 report released April 19, there are no signs Vancouver\u2019s market will cool anytime soon.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/4\/vancouver-housing-market-now-showing-strong-eviden\/\" target=\"_blank\">CMHC : Vancouver Housing Market Now Showing &#8220;Strong Evidence&#8221; of Overvaluation<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Vancouver\u2019s housing market continues to heat up, the Canada Mortgage and Housing Corporation (CMHC) announced April 27 the city is now showing strong evidence of overvaluation. In the CMHC\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/cmhc-vancouver-housing-market-now-showing-strong-evidence-of-overvaluation\/\">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-1778","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CMHC : Vancouver Housing Market Now Showing &quot;Strong Evidence&quot; of Overvaluation &#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\/cmhc-vancouver-housing-market-now-showing-strong-evidence-of-overvaluation\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC : Vancouver Housing Market Now Showing &quot;Strong Evidence&quot; of Overvaluation &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As Vancouver\u2019s housing market continues to heat up, the Canada Mortgage and Housing Corporation (CMHC) announced April 27 the city is now showing strong evidence of overvaluation. 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