{"id":368,"date":"2015-12-11T15:15:17","date_gmt":"2015-12-11T23:15:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=368"},"modified":"2015-12-10T14:12:55","modified_gmt":"2015-12-10T22:12:55","slug":"vancouver-housing-to-see-canadas-biggest-price-jump-in-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/vancouver-housing-to-see-canadas-biggest-price-jump-in-2016\/","title":{"rendered":"Vancouver Housing to See Canada\u2019s Biggest Price Jump in 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver housing prices remain well above the Canadian average, and this divide is only going to grow in 2016, according to a RE\/MAX report released December 10.<\/p>\n<p style=\"text-align: justify;\">In 2015, the average price for a home in the region is estimated at $947,350, according to the report. When compared with 2014, this is a 17% increase\u2014the highest growth in Canada over the period. This momentum is only going to continue, and in 2016, the average price is expected to grow a further 7%, reaching $1,013,665.<\/p>\n<p style=\"text-align: justify;\">The only other Canadian city that is expected to see growth even remotely close to the 7% seen here is Toronto, with an expect 5% increase to $653,258.<\/p>\n<p style=\"text-align: justify;\">\u201cHigh demand and low supply continued to characterize Vancouver\u2019s and Toronto\u2019s housing markets throughout 2015 as competition from buyers over the limited inventory of single-family homes pushed prices higher,\u201d RE\/MAX said in a price release.<\/p>\n<p style=\"text-align: justify;\">\u201cAs demand shows no signs of waning, these markets are expected to continue to see price appreciation in 2016.\u201d<\/p>\n<p style=\"text-align: justify;\">Cities close to Vancouver and Toronto are experiencing a \u201cspillover effect,\u201d the study found.<\/p>\n<p style=\"text-align: justify;\">\u201cThere were significant year-over-year price increases in Victoria (13%), Fraser Valley (10%), Hamilton-Burlington (12%) and Barrie (8%),\u201d the release said.<\/p>\n<p style=\"text-align: justify;\">One reason Vancouver and Toronto are seeing such high rates of growth is the influx of new Canadians.<\/p>\n<p style=\"text-align: justify;\">\u201cAttracted to Canada\u2019s stable economy and low Canadian dollar, this trend is expected to continue through 2016,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">The Canadian Department of Finance is looking into raising the minimum downpayment on homes over $500,000. RE\/MAX said that, for the most part, this will have little impact on first-time homebuyers in most cities across Canada, but \u201cin Vancouver and Toronto, where entry-level homes are often above the $500,000 threshold, these restrictions may be discouraging to some potential buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cAccording to recent RE\/MAX survey findings, over two-thirds of Canadians already agree that 10% or more is a good down payment for a home.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2015\/12\/vancouver-housing-see-canadas-biggest-price-jump-2\/\" target=\"_blank\">Vancouver Housing to See Canada\u2019s Biggest Price Jump in 2016<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver housing prices remain well above the Canadian average, and this divide is only going to grow in 2016, according to a RE\/MAX report released December 10. In 2015, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/vancouver-housing-to-see-canadas-biggest-price-jump-in-2016\/\">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-368","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 Housing to See Canada\u2019s Biggest Price Jump in 2016 &#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\/2015\/12\/vancouver-housing-to-see-canadas-biggest-price-jump-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Housing to See Canada\u2019s Biggest Price Jump in 2016 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver housing prices remain well above the Canadian average, and this divide is only going to grow in 2016, according to a RE\/MAX report released December 10. 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