Vancouver housing starts increase dramatically

Jeff Evans

Evidence of strength in the Vancouver housing market recently has been reported by the Vancouver Sun. The increase in housing starts, which is basically the the building of new homes, has increased across all of Canada in August of 2010 compared to August of 2009, and Vancouver is regarded as the 5th hottest market for housing of 27 markets across Canada.

Housing starts were down in 2009 largely due to the recession in 2008, and appear to have recovered nicely, having more than doubled since 2009.

The article attributes the increase in new housing to low mortgage rates, a recovering economy and an economic boost from the olympics. It has grown despite further tightening of the mortgage lending policies, 3 recent increases in the Bank of Canada prime lending rate and the introduction of the HST in British Columbia and Ontario.

It is my belief that it is a continuation of supply and demand factors for housing in the Greater Vancouver Area, and that this will continue into the future, and that it also helps to demonstrate that home values in the Greater Vancouver Area are secure.

As a mortgage broker, it is my job to work for you to help you secure the best financing possible to help you get into this housing market, or to help you take advantage of low mortgage rates to refinance or consolidate debt. Simply fill out the form below and I will be in touch with you shortly.

Author: Jeff Evans

I am a mortgage broker, hair salon owner, squash player, student, and husband, aspiring to do good for people.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

mortgage broker Vancouver BC
Good news regarding OSFI rule changes
Jeff Evans
No Comments

This is just a quick note to let viewers know that IF you are one of the people with 20% or more down-payment and are in a position that the new OSFI rule changes affect your pre-qualification, that I can extend the current guidelines into the new year by up to 120 days provided that I have an application and am able to get a pre-approval in place with a lender for you before January 1.Read More

OSFI B20 mortgage guideline changes 2017 – Part 2
Jeff Evans
No Comments

This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017.

If you are familiar with mortgage brokers at all (which you probably aren't) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution.  We have what we call "B" lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More

OSFI B20 mortgage guideline changes 2017 – Part 1
Jeff Evans
1 Comment

B20?  Is that some kind of vitamin?

It certainly sounds like a vitamin, but unfortunately, it is something else altogether.  The Office of the Superintendent of Financial Institutions is the regulator for all federal mortgage lending institutions.  They set the regulations for mortgage companies like banks to follow (or ignore).

The latest updates to the B20 mortgage regulations could bring some potentially very disrupting changes to the real estate market, especially if you are wanting to get a mortgage in Vancouver, or you are a mortgage broker in Vancouver. In summary:Read More