{"id":4975,"date":"2017-02-22T11:11:16","date_gmt":"2017-02-22T19:11:16","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4975"},"modified":"2017-02-16T12:42:41","modified_gmt":"2017-02-16T20:42:41","slug":"middle-class-buyers-finding-it-harder-to-get-into-the-vancouver-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/02\/middle-class-buyers-finding-it-harder-to-get-into-the-vancouver-housing-market\/","title":{"rendered":"Middle-Class Buyers Finding It Harder To Get Into The Vancouver Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Still one of the nation\u2019s most expensive residential real estate markets, Vancouver continues to push middle-class families and hopeful home owners out despite a conspicuous slowdown in sales volume.<\/p>\n<p style=\"text-align: justify;\">While Vancouver\u2019s job creation and economic fundamentals remain strong, vacant or momentarily occupied homes have increased by more than two-fold in the 15 years since 2001, up to 66,719.<\/p>\n<p style=\"text-align: justify;\">Many of these unoccupied properties cost a million dollars or more. Andy Yan, director of Simon Fraser University\u2019s City Program, noted that this sharp growth in the number of empty homes reflects the middle-class consumer base\u2019s particular difficulties in getting into the market.<\/p>\n<p style=\"text-align: justify;\">\u201c[Many homes] have become just luxury items like Ferraris,\u201d Yan wrote in his recent analysis, as quoted by Bloomberg. \u201cThey\u2019re not affordable for most local incomes.\u201d<\/p>\n<p style=\"text-align: justify;\">In particular, the median price of a single-family home in Vancouver\u2019s west side is now at $4.9 million, roughly 65 times the city\u2019s average household income.<\/p>\n<p style=\"text-align: justify;\">Analysts have pinned much of the blame on wealthy foreign nationals, many of which purchase homes that they otherwise leave empty, and are acquired only for flipping purposes.<\/p>\n<p style=\"text-align: justify;\">Demand for Vancouver\u2019s homes is showing no signs of stopping at the moment. Earlier this year, the Goodman Report on the city\u2019s apartment sector highlighted the area\u2019s lack of supply amid the ever-growing clamor for rental housing in the city.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s anticipated that the regional population will increase by an average of 35,000 per year until 2040,\u201d authors David and Mark Goodman wrote in January.<\/p>\n<p style=\"text-align: justify;\">Outsized demand has inflated Vancouver\u2019s average price per suite to $377,000 in 2016, up by 52 per cent compared to the year before that. The report authors dismissed the possibility of this trend ending any time soon.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Goodman Report expects local landlords to remain insulated from any apparent decline in tenant demand or softening of rents,\u201d the duo stated.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/middleclass-buyers-finding-it-harder-to-get-into-the-vancouver-housing-market-221169.aspx\" target=\"_blank\">Middle-Class Buyers Finding It Harder To Get Into The Vancouver Housing Market<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Still one of the nation\u2019s most expensive residential real estate markets, Vancouver continues to push middle-class families and hopeful home owners out despite a conspicuous slowdown in sales volume. While &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/02\/middle-class-buyers-finding-it-harder-to-get-into-the-vancouver-housing-market\/\">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-4975","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Middle-Class Buyers Finding It Harder To Get Into The Vancouver Housing Market &#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\/2017\/02\/middle-class-buyers-finding-it-harder-to-get-into-the-vancouver-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Middle-Class Buyers Finding It Harder To Get Into The Vancouver Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Still one of the nation\u2019s most expensive residential real estate markets, Vancouver continues to push middle-class families and hopeful home owners out despite a conspicuous slowdown in sales volume. 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