{"id":517,"date":"2016-01-06T10:10:50","date_gmt":"2016-01-06T18:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=517"},"modified":"2016-01-05T16:08:33","modified_gmt":"2016-01-06T00:08:33","slug":"2016-will-be-another-strong-year-for-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/2016-will-be-another-strong-year-for-real-estate-market\/","title":{"rendered":"2016 Will Be Another Strong Year for Real Estate Market"},"content":{"rendered":"<p style=\"text-align: justify;\">More people renting rather than buying. More buying activity in suburban areas beyond Vancouver. More foreign investment.<\/p>\n<p style=\"text-align: justify;\">These are among the key trends real estate experts are anticipating in the coming year for a property market that continues to grow ever-more expensive.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver announced Tuesday that in 2015 \u201chome sales were the highest annual total in REBGV history.\u201d<\/p>\n<p style=\"text-align: justify;\">When it comes to real estate, \u201calmost everyone agrees that Vancouver is a bright, shining star on many levels,\u201d Darren Kwiatkowski, executive vice-president of Shape Properties, told a recent real estate conference in downtown Vancouver.<\/p>\n<p style=\"text-align: justify;\">The gathering, sponsored by the Urban Land Institute, offered its reflections on a market that has been in overdrive for nearly two years.<\/p>\n<p style=\"text-align: justify;\">Jon Ramscar, senior vice-president of Jones Lang LaSalle Real Estate, reinforced Kwiatkowski\u2019s rosy prognostication: \u201cWe\u2019re in a low-risk market. Vancouver is a secure and safe place to put money.\u201d<\/p>\n<p style=\"text-align: justify;\">Foreign purchasers are looking to take advantage of a depreciated Canadian currency, constrained only by a relative dearth of product.<\/p>\n<p style=\"text-align: justify;\">On the question of affordability, no one at the Vancouver event was forecasting a moderating trend in pricing.<\/p>\n<p style=\"text-align: justify;\">Using numbers from TD Economics, the Urban Land Institute is predicting that, in 2016, the ratio of average Metro Vancouver home prices to median incomes is expected to remain at 11.6 to one, the same as in 2015. That ratio was up from 10.8 to one in 2014.<\/p>\n<p style=\"text-align: justify;\">The ratio for all of Canada is far more civilized. In 2016, it is expected to be 5.7 to one, and 7 to one for the Toronto region, the country\u2019s second-most-unaffordable housing market.<\/p>\n<p style=\"text-align: justify;\">While many have remarked on the obvious disconnect between Vancouverites\u2019 incomes and local property prices, \u201cpeople who buy homes in Vancouver don\u2019t do it on their incomes.\u201d<\/p>\n<p style=\"text-align: justify;\">Ben Smith, vice-president of Rennie Marketing Systems, explains they are buying with help of inheritances or financial gifts from baby boomer parents, who sell the family home, then dole out $100,000 to each of their children before buying themselves a condo.<\/p>\n<p style=\"text-align: justify;\">\u201cThree homes are bought from the sale of the family home.\u201d<\/p>\n<p style=\"text-align: justify;\">Smith says many more large condos are being built today than in the past; units with three and even four bedrooms are no longer unusual.<\/p>\n<p style=\"text-align: justify;\">\u201cBut usually it\u2019s a baby boom couple that is buying the three-bedroom condos.\u201d Families, who perhaps need the space far more, cannot afford the larger units, selling for more than $1 million.<\/p>\n<p style=\"text-align: justify;\">The number of both homeowners and renters in the region is on the rise, according to Ryan Berlin, director of the Vancouver-based research and consulting firm Urban Futures. At present, 34% rent, and the rest, own. In the city of Vancouver, 51% rent.<\/p>\n<p style=\"text-align: justify;\">Prices are motivating people to rent, or move further from Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cBurnaby, Richmond, Coquitlam, New Westminster, this inner ring of suburbs is going to do extremely well (for investors) over the next 10 years,\u201d predicted Kwiatkowki.<\/p>\n<p style=\"text-align: justify;\">With Metro Vancouver\u2019s population expected to grow by about 1 million in the next couple of decades, another 400,000 housing units will have to be found in a region with severe land constraints. This drives up prices.<\/p>\n<p style=\"text-align: justify;\">\u201cWhere are we going to find that density? That ring around Vancouver will be an extremely good place to have invested your money,\u201d says Kwiatkowski.<\/p>\n<p style=\"text-align: justify;\">The one influence that could slow the Lower Mainland\u2019s property market is a Bank of Canada interest rate hike.<\/p>\n<p style=\"text-align: justify;\">But even if interest rates tick upward, that won\u2019t stop immigration and in-migration from other provinces, or foreigners looking for safe havens.<\/p>\n<p style=\"text-align: justify;\">And that means, urban densification pressures are likely to increase, with property prices remaining strong.<\/p>\n<p style=\"text-align: justify;\">The Urban Land Institute, in a report last fall, had predicted Vancouver would be the \u201ctop investment, development and housing market in Canada\u201d in 2015. And the prognosis for 2016 appears to be more of the same.<\/p>\n<p><a href=\"http:\/\/www.vancouversun.com\/opinion\/columnists\/barbara+yaffe+2016+will+another+strong+year+real\/11632359\/story.html\" target=\"_blank\">2016 Will Be Another Strong Year for Real Estate Market<\/a> by Barbara Yaffe | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More people renting rather than buying. More buying activity in suburban areas beyond Vancouver. More foreign investment. These are among the key trends real estate experts are anticipating in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/2016-will-be-another-strong-year-for-real-estate-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-517","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2016 Will Be Another Strong Year for Real Estate 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\/2016\/01\/2016-will-be-another-strong-year-for-real-estate-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2016 Will Be Another Strong Year for Real Estate Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"More people renting rather than buying. 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