{"id":3293,"date":"2016-09-08T10:10:49","date_gmt":"2016-09-08T17:10:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3293"},"modified":"2016-09-08T08:39:33","modified_gmt":"2016-09-08T15:39:33","slug":"strong-housing-making-vancouverites-millionaires-in-theory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/strong-housing-making-vancouverites-millionaires-in-theory\/","title":{"rendered":"Strong Housing Making Vancouverites Millionaires – in Theory"},"content":{"rendered":"

In the latest edition of its WealthScapes analysis, marketing services firm Environics Analytics noted that Vancouver has become the first \u201ccity of millionaires\u201d in Canada thanks to the vibrant engine of a red-hot real estate market.<\/p>\n

The study revealed that Vancouver\u2019s average household net worth reached $1,036,202 over the past year. This corresponded to a 4.3% growth in the national average household net worth (up to $680,098) and a 6.3% increase in BC households\u2019 net worth (up to $883,049) during the same period, The Globe and Mail reported.<\/p>\n

Theoretically, this makes Vancouverites extremely wealthy compared to the rest of the country, considering that the increase in value of their properties outpaces the 4.1% growth rate (up to a $133,170 average over the last 12 months) of household debt nationwide.<\/p>\n

However, the report added that consumers and industry players should remain vigilant of troubling developments bubbling just beneath the surface.<\/p>\n

\u201cCanada is really a tale of two economies at the moment,\u201d Environics Analytics vice president of economic data Peter Miron said. \u201cWe saw the oil-based provinces, especially metro centres, really taking a beating relative to the rest of Canada. Those provinces are facing significant headwinds. They might not necessarily be in a recession, but they are definitely struggling.\u201d<\/p>\n

\u201cThe big worry on our radar at the moment is Vancouver,\u201d according to Miron, who developed the WealthScapes analysis. \u201cIt\u2019s basically only real estate that\u2019s fuelling growth in Vancouver.\u201d<\/p>\n

And while no signs of a major crash are apparent at the moment, Miron cautioned that the new foreign buyers\u2019 tax in BC, the sluggish performance of oil, and the possibility of the US Federal Reserve raising interest rates will all play a role in determining the actual value of Canadians\u2019 assets in the near future.<\/p>\n

Strong Housing Making Vancouverites Millionaires – in Theory<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

In the latest edition of its WealthScapes analysis, marketing services firm Environics Analytics noted that Vancouver has become the first \u201ccity of millionaires\u201d in Canada thanks to the vibrant engine … [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":[13],"tags":[],"class_list":["post-3293","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nStrong Housing Making Vancouverites Millionaires - in Theory • 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\/09\/strong-housing-making-vancouverites-millionaires-in-theory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Strong Housing Making Vancouverites Millionaires - 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