Three Real Estate Stories in the News for Tuesday, April 3rd, 2018

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Vancouver real-estate prices still climbing, but tax changes could have impact, report says

Greater Vancouver’s real-estate prices continue to climb out of reach of most ordinary families, but the province’s new measures to tackle housing affordability may have an impact on the market, according to a new report by credit-rating agency DBRS.

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Unexpected GDP contraction attributed to drop in housing, oil output

Canada’s gross domestic product unexpectedly fell in January as the economy faces a broad slowdown after surging last year.

GDP shrank 0.1% during the month, Statistics Canada reported late last week in Ottawa, weighed down by sharp declines in oil production and real estate. This is in contrasts to economists’ earlier predictions of a 0.1% gain.

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Canadian Real Estate Bubble Blowing Up North

According to the Real Estate Board of Greater Vancouver, single detached homes in Vancouver (on a local currency basis) have risen from approximately $400K CAD to $1.75 million CAD since 2002. That’s a 337% increase in 15 years. With incredibly fast rising prices, a large portion of the population is engaged in real estate brokerage, real estate development, construction, renovations, and everything that goes along with that. The echoes of Phoenix, Las Vegas, and San Diego from 2006 cannot be ignored.

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