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.