{"id":8142,"date":"2018-01-31T09:09:08","date_gmt":"2018-01-31T17:09:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8142"},"modified":"2018-01-31T09:09:13","modified_gmt":"2018-01-31T17:09:13","slug":"metro-vancouvers-two-speed-housing-market-continues-to-face-high-vulnerability","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/metro-vancouvers-two-speed-housing-market-continues-to-face-high-vulnerability\/","title":{"rendered":"Metro Vancouver’s “Two-Speed” Housing Market Continues to Face High Vulnerability"},"content":{"rendered":"

Problematic conditions remain a key concern in Metro Vancouver\u2019s housing market.<\/p>\n

As of the end of September 2017, the hot market continued to experience significant imbalances, with strong evidence of overvaluation and overheating, according to the Canada Mortgage and Housing Corporation\u2019s (CMHC) Housing Market Assessment, published today.<\/p>\n

In addition, the region is sustaining its \u201ctwo-speed\u201d housing market. CMHC uses this term describe a market diverging, with demand for attached homes and condos significantly outpacing demand for detached homes.<\/p>\n

\u201cWe have moderate evidence of overheating and price growth acceleration due to the two-speed housing market that has now developed in Vancouver,\u201d Eric Bond, CMHC principal market analysis for Vancouver, tells BuzzBuzzNews.<\/p>\n

Inventories for both new and resale multi-family units are at or near all-time lows, as buyers try to find affordable housing in the region, says CMHC.<\/p>\n

According to Bond, many buyers are opting for homes in outlying areas of the region, which in turn is causing pronounced price growth in those areas.<\/p>\n

\u201cIn the Fraser Valley real estate board for example, for condominiums that previously might not have been as desirable, now we are seeing interest from buyers in those units due to their relative affordability and the context of the region,\u201d says Bond.<\/p>\n

Although approximately 40,000 units are currently under construction in Vancouver, the CMHC\u2019s assessment shows weak evidence of overbuilding in the region.<\/p>\n

With Metro Vancouver\u2019s vacancy rate at 0.9% last year, new inventory is needed to meet demand and provide relief in the rental market, says Bond.<\/p>\n

Going forward, CMHC predicts that Metro Vancouver\u2019s two-speed housing market will continue into 2019 due to disparities in affordability between condos, attached units and single-detached homes.<\/p>\n

Metro Vancouver’s “Two-Speed” Housing Market Continues to Face High Vulnerability<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Problematic conditions remain a key concern in Metro Vancouver\u2019s housing market. As of the end of September 2017, the hot market continued to experience significant imbalances, with strong evidence of … [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-8142","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver's "Two-Speed" Housing Market Continues to Face High Vulnerability • 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\/2018\/01\/metro-vancouvers-two-speed-housing-market-continues-to-face-high-vulnerability\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver's "Two-Speed" Housing Market Continues to Face High Vulnerability • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Problematic conditions remain a key concern in Metro Vancouver\u2019s housing market. 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