This is the 15th year for Canada Mortgage and Housing’s annual look at the state of the housing market in B.C., with a focus on the Lower Mainland. Needless to say, it pulls in all the heavy-hitters eager to feast on an early-morning menu of PowerPoint presentations, with more facts than they can digest.
So here in no particular order or importance are some of the items that struck me as worth jotting down:
- low interest and mortgage rates;
- low inflation;
- a healthy rate of growth (2.7 percent, maybe up to 3 percent);
- the dollar at par;
- employment gains (particuarly in full-time jobs);
- a turnaround in interprovincial migration (they’ll even be comin’ in from Alberta!);
- preferred international migration;
- a balance in buyers and sellers for housing;
- and stable prices in both sales and rents.
The new housing will be targeted to demographics:
In the Vancouver CMA (census metro area), there are 16,805 new households expected. But the majority of them will be one-person (28 percent) or two-person (31 percent). Three-person households comprise a mere 16 percent of the total.
The City of Vancouver has 1,601 more housing starts than households formed – but that number did not adjust for demolitions or investor units rented out. In fact, there are 25,000 investor condos, of which 23,000 are rented out – making up 27 percent of rental market. Downtown Vancouver has 43 percent investor units rented out – but overall there is a higher percent of rented condos in Langley (34 percent) than in city of Vancouver (at 32 percent).