Vancouver, British Columbia is the most expensive Canadian city to buy a home, but it also has the highest percentage of houses for sale, according to a National Geographic report published today.
“There are nearly a million houses on the market for sale right now in Vancouver, but only about 100,000 homes are available for sale,” National Geographic says.
“It’s a staggering statistic that reflects the massive demand for Vancouver property in the world.”
The city’s housing market is in its “third wave” of development that began in the 1990s and continues to this day.
In the past decade, the city has built more than 300,000 housing units and condos.
But with the population growth that’s followed, the number of homes for sale has risen by more than 4 million in the past two years.
The Vancouver real estate market is now worth an estimated $9.6 billion, according the National Geographic.
“The growth in the Vancouver housing market has been staggering,” said Scott Reardon, co-founder and CEO of the Vancouver-based Reardon Group, which manages real estate for Reardon Partners.
“At the same time, Vancouver has become the hottest rental market in Canada, and we’re seeing rents continue to rise.
This is going to continue until demand and supply meet.”
The number of rental properties in Vancouver is growing at the fastest pace in the country, Reardon said.
In 2016, the Vancouver real-estate market saw an increase of more than 40% in the number and value of rental listings.
That’s the fastest rate of increase in the U.S. and the third-fastest in the entire world, according Reardon.
That pace of growth has led to an unprecedented supply of rental housing for the city’s growing population.
In 2015, Vancouver’s median house price was $1.2 million, the second-highest in the province behind Toronto, and surpassed the national median for Vancouver, according To Reardon’s research.
The average price of a Vancouver condo in 2016 was $8.4 million, and the average price for a home in the city was $2.4 billion, the third highest in the nation behind Toronto and Vancouver, Reyer said.
This year, the housing market will see an increase in both the number, value and affordability of rental homes.
Reardon says it’s critical that homeowners who are able to pay the mortgage are able and willing to take on the risk of paying the price of their home.
For people who have had their homes foreclosed on, there is a risk that their properties may not be able to be sold because the lender won’t allow it.
So it’s not surprising that the affordability of homes in Vancouver has been falling, Reessor said.
“The affordability of housing in the City of Vancouver has also been decreasing,” he said.
A recent National Geographic analysis found that Vancouver’s housing prices are now a year and a half away from breaking even.
In the city of Vancouver, home values are now at a record low and, as Reardon puts it, they’ve “been at that point for more than two years.”
Reardon also said that the city is “on pace to break even for the first time since the 1970s,” and that “there is a strong correlation between the number (of people) in the rental market and the number that are buying homes.”
The city’s affordability has been an issue in Vancouver’s political arena, too.
The city has experienced the largest increase in income inequality in Canada in a decade.
Reyer pointed to Vancouver’s income inequality and affordability as examples of how much inequality has contributed to a city’s economic woes.
The Vancouver-U.S., which has the most unequal income distribution of any major city in the Western world, is a place where the average person is struggling to afford housing, Reisner said.
For example, the average Vancouver resident earns just $25,000 a year, Reiser said.
The median home value in the Metro Vancouver region is $724,000, which is below the national average of $1,966,000.
In 2017, Vancouver had the third most expensive median home price in the Canadian province of British Columbia, Reisher said.
This compares to $821,000 in 2017 in the metro Vancouver area, which had the fourth most expensive home value.
Reardon also points out that Vancouver is home to some of the world’s most progressive policies, including a carbon tax, the highest minimum wage in Canada and the highest tax on wealth-management funds.
While there are still some major challenges to solve for Vancouver in terms of housing affordability, Reimer said there are many signs that the real estate boom is finally starting to slow down.
There are still a lot of houses on sale in the market, and it’s very clear that there is still a significant supply of properties for purchase in Vancouver.
The number and price of houses in Vancouver