{"id":5829,"date":"2017-05-12T15:15:23","date_gmt":"2017-05-12T22:15:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5829"},"modified":"2017-05-12T09:42:09","modified_gmt":"2017-05-12T16:42:09","slug":"home-price-hikes-influenced-by-hot-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/05\/home-price-hikes-influenced-by-hot-market\/","title":{"rendered":"Home Price Hikes Influenced by Hot Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Investors may have a few new markets to target, according to a recent report.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s sky-high home prices have created a spill-over effect in outlying markets, with varying degrees of impact based on proximity to the city centre.<\/p>\n<p style=\"text-align: justify;\">\u201cPrice changes in the City of Vancouver are linked to prices in other municipalities, both on the way up and on the way down,\u201d Braden Batch, Senior Market Analyst, Market Analysis Centre at CMHC, said. \u201cThe spillover effects take years to fully work through other markets and have varying degrees of strength.\u201d<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s influence is obviously most-felt in regions within commuting distance to the major city, but markets outside that range are also being impacted, according to CMHC\u2019s latest Housing Market Insight report.<\/p>\n<p style=\"text-align: justify;\">\u201cThe exact causes of spillover effects are complex and change over time,\u201d CMHC said in the report. \u201cThere are other factors that may have cancelled out past spillover effects or amplified them, depending on the particular example. These results are based on changes in the City of Vancouver home prices in isolation of other factors that would lead house prices to fluctuate jointly in several BC centres.\u201d<\/p>\n<p style=\"text-align: justify;\">The fact that prices around Vancouver are increasing should come as no surprise, with many potential buyers and, indeed, investors setting their sights on more affordable pastures.<\/p>\n<p style=\"text-align: justify;\">And that trend will likely continue, with Vancouver prices expected to continue to increase.<\/p>\n<p style=\"text-align: justify;\">\u201cHome prices will likely continue to increase until we see more housing supply coming on to the market,\u201d Jill Oudil, Real Estate Board of Greater Vancouver president, said.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a home in the Greater Vancouver area was $919,300 in March, up 12.7% year-over-year.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/home-price-hikes-influenced-by-hot-market-225457.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Home Price Hikes Influenced by Hot Market<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors may have a few new markets to target, according to a recent report. Vancouver\u2019s sky-high home prices have created a spill-over effect in outlying markets, with varying degrees of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/05\/home-price-hikes-influenced-by-hot-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":[8],"tags":[],"class_list":["post-5829","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>Home Price Hikes Influenced by Hot 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\/05\/home-price-hikes-influenced-by-hot-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Price Hikes Influenced by Hot Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Investors may have a few new markets to target, according to a recent report. 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