vancouver eastside jan 7, 2016 real estate weekly

VANCOUVER EASTSIDE THURSDAY, JANUARY 7, [email protected] • 604-435-7977

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Real Estate Market Outlook2016

2015 was a year of massive real estate market activity, with pric-es and home sales skyrocketing

well over industry expectations. So will 2016 see a cooling-off in activity, or will the recent trajectory continue unabated? Here’s a round-up of indus-try forecasts and REW.ca’s take on them…

BC and Lower Mainland MarketAfter a year in which home sales

across BC rose more than 21 per cent compared with 2014, the province’s housing market activity is forecast by the Canadian Real Estate Association (CREA) to moderate in 2016. This is largely based on the British Columbia Real Estate Association (BCREA) pre-dictions that sales across the province will fall by around seven per cent, from more than 100,000 in 2015 to 93,700 units in 2016 – a level described as “remaining elevated” by the BCREA. This could be caused by a cooling-off in demand but more likely by a lack of available homes for sale, with Greater Vancouver and Fraser Valley listings down 35 per cent year over year.

Despite the predicted slowing in sales, prices in Greater Vancouver and across BC are expected to increase fur-ther in 2016 – albeit at a reduced pace than last year. CREA expects the annu-al price increase across BC for all of 2016 to be just two per cent, compared with 11.5 per cent in 2015. A fore-cast by RE/MAX issued in December was more bullish, expecting average

prices to rise seven per cent in Greater Vancouver, three per cent in the Fraser Valley, 2.7 per cent in Victoria and two per cent in some slower areas, includ-ing Kelowna.

The BCREA also predicted that capac-ity constraints and what it describes as “easing-off consumer demand” will mean a decline of BC housing starts to 28,800 units in 2016. This is slightly at odds with CMHC predictions for Vancouver alone, which forecast a modest increase in housing starts in 2016, followed by a slowdown in 2017.

However, REW.ca notes that, this time last year, forecasts were similarly timid and, ultimately, far off the even-tual outcome for 2015 – and there’s no discernable sign of this activity slowing signifi cantly. The possibility of rising interest rates and the new increased minimum down payment to be implemented in February may have a minor impact on some seg-ments of the market. But continued high demand and diminishing supply of single-family homes suggests that, while overall unit sales growth may slow, sales dollar volumes will likely continue to soar through 2016.

Demand from OverseasThere’s no sign that demand for

Lower Mainland real estate from over-seas buyers will cool in 2016, and as large detached houses in desir-able neighbourhoods get snapped up as homes or investments, foreign money will likely further spill over

into commercial and recreational real estate. However, this increasing trend is unlikely to redirect money away from single-family homes in Greater Vancouver, which remain the number one choice of property as many fami-lies choose to relocate to the region.

At the other end of the market, the much-anticipated arrival of 1,500 Syrian refugees, mostly in family units, to Vancouver may put some pressure on the rental market – and will certain-ly put pressure on the city to provide aff ordable housing.

The Year of the Condo?With demand for the increasingly

rare single-family home continuing to push many buyers out of that market segment, it is likely that more and more buyers – from fi rst-timers to families – will turn to condominium living in 2016.

As of January 2016, New Westminster is the fi rst municipality to demand a minimum of 30 per cent of new condos to have two or more bedrooms, and a minimum of 10 per cent to be three or more bedrooms. This is a move that has troubled developers but the city hopes will ultimately provide more aff ordable options for family living.

The new minimum down payment rules being implemented in mid-Feb-ruary could result in an uncharacter-istic January rush on smaller homes, as fi rst-time and lower-income buyers attempt to fi nd and buy their homes ahead of the new rules to save money.

•2 REW.ca » VANCOUVER EASTSIDE » THURSDAY JANUARY 7, 2016

www.vancouverres idence.com

LORNE GOLDMAN604.263.1911

lorne@vancouverres idence.com

Personal Real Estate Corporationrporation

Over 35 years of proven results and consistently in the top 1% of the real estate industry.

REW.ca » VANCOUVER EASTSIDE » THURSDAY JANUARY 7, 2016 3•

BALDEV SANDHU 604-880-9571www.BaldevSSandhu.com DaveSandhu@royalpacifi c.com

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Vancouver East, Collingwood1/2 Back Duplex - 2 Storeys w/bsmt, under construction

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Vancouver East, CollingwoodPresale, build to suit, 3 storeys plus LWH

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- A brand new single house under construction- 1150 sf hse in 2 storeys house features with

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- On a quiet street between Kingsway & 41st, mins walk to public transit, park, shopping & school

Vancouver East, CollingwoodBrand new house under construction

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- A quality built 1745 sf duplex under construction- 3 bedrooms at above, living room, dinning

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Vancovuer East, CollingwoodSxS Duplex, 2-storey with bsmt under

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- 5 bdrms, living room, famroom & kitchens- Granite countertop, hardwood floor,

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Vancouver East, CollingwoodSide by Side Duplex, 2 storey w/bsmt under construction

2357, 2359 E. 41 Ave., Vancouver

$1,115,000

- A single house in 3 storeys,1560 sf is under construction.

- 4 bedrooms (include one bdrm in bsmt), 3.5 full bathrooms

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heat, alarm and HRV system, open parking- House under 2-5-10 years new home warranty

Vancouver East, CollingwoodSingle house in 2 storeys

2355 East 41 Ave.


- A 983 sf single house in 2 storeys(no strata free)

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A very special and unique 1910 character home in the heart of Hastings Sunrise with superb panoramic views of the North Shore Mountains. Of-fering over 3,200 sq.ft., this 4 level, 7 bedroom and bathroom home is divided into two suites: basement and main fl oor (4 bedrooms) with large bay windows, fi r fl oors, detailed trim, mouldings and high ceilings – cur-rently rented at $2,200. The 3rd & 4th fl oors are owner occupied with 2 bedrooms on the 3rd fl oor together with a distinctive and large spiral stair-case leading to its one-of-a-kind Master Bedroom. This is where you’ll take in the amazing view of the North Shore mountains while sipping your cof-fee in the generous sitting area of your bedroom. This home could easily be converted into a grand 3 level home, with a basement suite. South fac-ing backyard with gardening beds await your crops and there’s a new deck on the main fl oor. Walking distance to the numerous cafes, restaurants, grocery stores, library, community centre and Hastings Elementary w/ French immersion. A unique character home in a fantastic neighbourhood.

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ABSOLUTELY CHARMING CHARACTER HOME$1,198,000 Charming character home in the

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NEW LISTING $874,900Ocean, mountains & city views from this 2 bed, 2.5 bath NE corner townhouse on two levels located a block away from Kits beach (North of 4th). Sweeping views from every angle of the open concept top fl oor with its well-appointed kitchen and adjacent spacious dining room, comfortable living room with ca-thedral ceiling & skylight. Cozy up in from of your wood-burning fi replace while enjoying your views through large windows & French doors opening onto one of your two large covered balconies. Downstairs offers the master bedroom w/ ensuite & views, a guest bedroom w/ custom built Murphy bed & desk. Both bedrooms access your 2nd covered bal-cony. 1 pkg & 1 big storage, minutes away from all that Kitsilano has to offer! This is com-fort living at its best. 13-1620 BALSAM ST.

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I n P r i n t > O n l i n e > Y o u r c o m p r e h e n s i v e s o u r c e f o r l o c a l r e a l e s t a t e n e w s a n d l i s t i n g s

New home construction starts in Metro Vancouver were up again in November, especially in the

multi-family sector, according to the latest Canada Mortgage and Housing Corporation (CMHC) statistics.

Vancouver Census Metropolitan Area (CMA) housing starts were trending at 21,651 units in November compared with 21,590 units in October. The trend is a six-month moving average of the month-ly seasonally adjusted annual rates of housing starts.

“Starts in November continue to trend at a high level after an active sum-mer and early fall of new construction activity, particularly in the multiple-unit

segment,” said Richard Sam, CMHC prin-cipal, Market Analysis for Vancouver.

“Lower inventories of newly com-pleted and unsold condominiums have prompted builders to build more homes in the CMA, with the cities of Surrey and Vancouver accounting for just under half of all new homes started year-to-date.”

Housing starts in the Abbotsford-Mission CMA were trending at 987 units in November, up from 845 units in October. There was an increase in both the single-detached and apartment condominium starts that led to the rising trend. Actual year-to-date starts were 62 per cent above last year’s levels.

The trend measure of housing starts

across Canada was 208,401 units in November compared with 206,125 in October, the CMHC announced on the same day.

“The trend in housing starts increased for a seventh consecutive month due to the multi-unit segment,” said Bob Dugan, CMHC’s chief economist.

“Rising single home prices continue to support demand for multiples, which are poised to reach the largest proportion of total urban starts since 1971. However,

inventory management is necessary to make sure that these units do not remain unsold upon completion.”

CMHC said it uses six-month mov-ing averages to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, said the CMHC, analyzing only the monthly seasonally adjusted data can be mislead-ing in some markets, as they can be vari-able from one month to the next.

New Home Starts Rise Again,Led by Multi-Family Units: CMHC

T H U R S D A Y , J A N U A R Y 7 , 2 0 1 6

vancouver eastside jan 7, 2016 real estate weekly

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