Recent reports from the Canada Mortgage and Housing Corporation reveal that there were 17,867 housing starts in the Vancouver Census Metropolitan Area for 2011, which was a significant increase from the 15,217 starts recorded in 2010.
With the highest home prices in Canada, Vancouver is one of the least affordable cities in the nation, but a recent study found it’s also among the priciest metropolitan areas for homebuying in the world.
Low mortgage rates fueled increased demand throughout the majority of Greater Vancouver in 2011, prompting record-high home prices and a significant increase in listed properties.
The majority of Metro Vancouver experienced significant home value growth during the previous 12 months, but real estate experts say some homeowners won’t be thrilled with their 2012 assessment notices.
Rising residential and condominium home prices have forced some Vancouver residents to consider renting instead of buying, and housing developers have designed some units specifically for young citizens on a budget.
High real estate prices and low incomes have created a Vancouver housing market with limited affordability, but the country’s southern neighbor is experiencing a completely opposite situation.
Despite continued low interest rates, home sales in the Vancouver region have decreased significantly during the past year, as real estate prices have ascended and the job market remains unstable.