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December 2016

 
 

Don't just blame foreigners for Vancouver's affordability crisis: CMHC

Canada Mortgage and Housing Corp. President Evan Siddall, citing a year of research by the federal Crown corporation, pointed instead to several factors and actors responsible - including critics of federal housing policy like Vancouver Mayor Gregor Robertson.

"While it would be convenient to hang all of the blame for high prices on others - offshore buyers - it’s just not that simple," Siddall told members of the Greater Vancouver Board of Trade.

"Sure, it makes for a tempting narrative: them, not us."

Foreign investment, according to Siddall, is "clearly" a factor - but not the only one.

 
 

Local Market Updates

Is it a Buyer's Market or a Seller's Market now in your neighbourhood? Has the benchmark price for condos, townhomes or houses changed in the last month?

For answers to these questions and more consult our local market real estate reports below.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

New Westminster

North Delta

North Surrey

North Vancouver

Osoyoos

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Vancouver Island

Victoria

Vernon

West Vancouver

Whistler

Laneway love-in

In a city full of stories of families priced out of the city and driven out to the suburbs, the laneway house is a rare example of young families finding a way to cheat the city's exorbitant housing costs.

They get to live in a detached house without the price tag to match. Vancouver's benchmark price for a single family home is between $1.5 million and $2 million while a laneway home costs, on average, $350,000 to build.

 

B.C. Real Estate News

LOWER MAINLAND

Vancouver to start taxing empty homes (BIV)

Foreign buyers make up 3% of Metro Vancouver real estate sales in October (Surrey Leader)

North Shore home sales dip towards a buyer’s market (North Shore News)

Delta housing market cooling off (Delta Optimist)

WHISTLER, SQUAMISH & THE SUNSHINE COAST

Development on the rise in Sea-to-Sky region (The Georgia Straight)

Some Metro Vancouver single-family home assessments will increase by 50% in 2017: B.C. Assessment (Vancouver Sun)

VICTORIA & VANCOUVER ISLAND

Spike in foreign buyers sparks debate about extending 15% tax to Victoria (CBC News)

Victoria families turning to condos for cheaper housing options (CTV News)

Prices up, inventory down in Vancouver Island real estate market (Chek)

OKANAGAN

Kelowna getting bigger - and younger, report finds (CBC News)

Central Okanagan real estate market could top $3 billion (Global News)

South Okanagan real estate sales top $1B (Penticton Herald)

 
 

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©2016 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com