{"id":6846,"date":"2017-09-05T10:10:04","date_gmt":"2017-09-05T17:10:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6846"},"modified":"2017-09-01T09:08:41","modified_gmt":"2017-09-01T16:08:41","slug":"its-time-to-give-vancouver-market-a-2nd-look","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/its-time-to-give-vancouver-market-a-2nd-look\/","title":{"rendered":"It&#8217;s Time to Give Vancouver Market A Second Look"},"content":{"rendered":"<p style=\"text-align: justify;\">Investors have been overlooking this one major market, but is it time to give it a second look?<\/p>\n<p style=\"text-align: justify;\">The days of impressive yearly price growth may have passed in Vancouver, but an influx of potential renters may pique investor interest.<\/p>\n<p style=\"text-align: justify;\">BC boasts one of the strongest economies, with GDP expected to grow 3.5% this year and employment expected to jump by 3.6% to2.46 million this year.<\/p>\n<p style=\"text-align: justify;\">As a result, the province is expected to attract an influx of migrants from other provinces looking for jobs and, indeed, new homes.<\/p>\n<p style=\"text-align: justify;\">\u201cBritish Columbia\u2019s position as the best performing economy in the country is bolstering consumer confidence and housing demand,\u201d Cameron Muir, BCREA Chief Economist, said. \u201cStrong employment growth, a marked increase in migrants from other provinces, and the ageing of the millennial generation is supporting a heightened level of housing transactions. However, a limited supply of homes for sale is causing home prices to rise significantly in many regions, particularly in the Lower Mainland condominium market.\u201d<\/p>\n<p style=\"text-align: justify;\">Most BC regions are experiencing constricted supply, according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">\u201cThis imbalance is pushing prices higher in the most affordable home types and will lead to a drag on home sales if new supply isn\u2019t sufficient to meet demand. However, strong housing demand and tight supply hasn\u2019t gone unnoticed by home builders,\u201d it said in its latest report. \u201cThere are nearly 40,000 units under construction in Metro Vancouver alone, a 60% increase from the previous peak in 2008. Once completed, market conditions are expected to reflect greater balance between supply and demand and reduce further erosion of affordability.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/this-market-may-soon-attract-an-influx-of-potential-renters-230239.aspx\" target=\"_blank\" rel=\"noopener\">This Market May Soon Attract an Influx of Potential Renters<\/a> by Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors have been overlooking this one major market, but is it time to give it a second look? The days of impressive yearly price growth may have passed in Vancouver, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/its-time-to-give-vancouver-market-a-2nd-look\/\">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-6846","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>It&#039;s Time to Give Vancouver Market A Second Look &#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\/09\/its-time-to-give-vancouver-market-a-2nd-look\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It&#039;s Time to Give Vancouver Market A Second Look &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Investors have been overlooking this one major market, but is it time to give it a second look? 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