As the local real estate market soared in recent years, experts were divided about why prices kept rising. And now, there is little agreement about what is needed as sales and prices fall.
On Thursday, developers gathered for an industry lunch to hear Andrew Ramlo, vice-president of market intelligence at Rennie Group, talk about what he called real estate market myths, including the notion that “we have more than enough supply to satisfy demand.” Many observers believe the current market downturn is due to the retreat of Chinese money, a range of taxes targeting homes being used as speculative investments, as well as mortgage stress testing aimed at protecting overextended borrowers. Housing starts are projected to fall as weakening demand has some lenders thinking about cutting losses and backing away from financing developers, investors and end-users.
Ramlo added that housing-start numbers do not take into consideration the demolitions that happen in tandem. He estimates that while 23,000 net new housing starts a year are needed in the next decade to accommodate population growth due to immigration and changes such as young people moving out of their parents’ homes, they are set to fall from 24,000 to around 17,000 by 2021.
Ramlo said that while terms such as “affordability” and “availability” have prevailed in the real estate conversation, a new word will be “efficiency” — in reference to the number of baby-boomers who are empty-nesters and now “overhoused” in their single-family homes.jlee-young@postmedia.com
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How private lending is distorting the Vancouver housing market‘Stress test’ rules at banks have led people to seek out alternative ways to borrow money This paid message brought to you by your local big5 banks Not a single chance any of this is true. Foreign direct investment is the ONLY factor affecting the market. PL lend more cautiously than banks because they lend real money, not money made out of thin air. Isn't this the BF4 mansion map? Battlefield
Source: globeandmail - 🏆 5. / 92 Read more »
A closer look at the taxes that sent Vancouver’s luxury housing market reelingVancouver is buckling under a slew of regulations introduced since 2016 to tame years of relentless growth that made the city the most unaffordable on the continent
Source: nationalpost - 🏆 10. / 80 Read more »
Dan Fumano: Feds' Vancouver housing funding dwarfed by Toronto's, but more on its way here“This is the first time in 29 years that we’ve received any federal funding,” said Metro housing boss. “It’s been a while.”
Source: VancouverSun - 🏆 49. / 61 Read more »
Affordable housing in Vancouver can only happen under new rental program, Stewart saysAffordable housing in Vancouver can only happen under new rental program, Stewart says GlobeBC GlobeBC Let’s make tenant insurance must in Canada.JustinTrudeau GlobeBC Basic Economics by ThomasSowell read it and wake up. The more the government meddles the worse it gets. New York and San Francisco have suffered for decades due to government ineptitude. GlobeBC 'Only the government can fix this issue.' - The government
Source: globeandmail - 🏆 5. / 92 Read more »
Check Out These Vancouver Houses Selling At Huge DiscountsBritish Columbia is suffering from 'near recession-level' housing demand, real estate board says. These aren't discounts, stop lieing to the public. This is rich people cashing out of a bubble. Let it pop, raise the rates, foreclosures must happen. Put in a policy only Canadian Citizens and Permanent Residents can buy a home FOR LIVING IN not a commodity. bcpoli vanpoli
Source: HuffPostCanada - 🏆 61. / 53 Read more »
Douglas Todd: The first journalist to really capture Vancouver’s housing crisis“It has now been almost a decade since I wrote that article, and I wish I could say everything has turned out well,” Jim Sutherland says. The only reason Vancouver has a housing crisis is because everyone thinks they are entitled to live there. I would love downtown waterfront property in Van too, but my banker tells me I'm not in that investment bracket.......
Source: VancouverSun - 🏆 49. / 61 Read more »
Housing Matters podcast: Accessible housing rises with Silver TsunamiA growing number of seniors with mobility issues will put pressure on developers to create accessible housing.
Source: VancouverSun - 🏆 49. / 61 Read more »