Vancouver’s resale housing market plunged sharply in July compared with July 2011, according to the Canadian Real Estate Association.
There’s no doubt that real estate is an interesting topic of conversation for the public.
Residential property sales in Greater Vancouver remained at a 10-year low in July, while the number of properties being listed for sale continued to edge down and prices remained relatively stable.
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Finance Minister Jim Flaherty recently introduced changes to the mortgage rules, ostensibly as a means of reining in runaway consumer debt.
Rogers Arena is set to welcome hundreds of new neighbours after Vancouver city council approved the development of three new highrise towers by Aquilini Developments and Construction, run by the same family that owns the Canucks.
The number of new concrete condos launched in Metro Vancouver has been strong for the first six months of 2012, but not nearly as strong as earlier forecasts.
Canada’s real estate market is showing signs of cooling off with national home sales and the average home price down year over year, indicators that have at least one senior economist wondering if the once red hot market is entering a “Big Sleep.”
British Columbia municipalities issued building permits in the first five months of 2012 at levels not seen since before the global recession.
A new report pointing to growth in the number of high-paying jobs in B.C. suggests that property investors outside the pricey Lower Mainland will see vacancy rates drop and rents increase.