The Winchester is quite simply the best downsizing option in North Vancouver. Those looking to downsize share similar concerns in that most do not wish to move from their homes into a contemporary shoe-box apartment that dominates today’s market. Townhomes and duplexes are often briefly considered before being ruled out due to stairs. The Winchester is a downsizers delight as it offers one-level living with house-size rooms.
Sales in the Greater Vancouver board area jumped in May, increasing by 23% month-over-month, returning to near record levels. The average April-May increase in sales was 5% over the past decade. Total sales in May 2017 (4,382) are only 8% below last year’s May count, and are 24% above the long-run May average. Condo sales are leading the way, up 41% versus the May long-run average, followed by townhouse sales (up 29%) and detached sales (up 5%).
Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market. For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver. Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year. Continue reading →
The above graphic has a few further details regarding the adjustments made to the home owner grant threhold.
The homeowner grant has increased to $1.6 million. This is great news for many while others are still above the new limit given the 30 – 50% property assessment increases. Check out the article below for all of the details.
When looking specifically at the North Shore market, the difference between detached markets and condo/townhouse markets are quite clear. For example, detached listings in North Vancouver were up 58% in September 2016 when compared to the previous month, while sales totals are half of what they were in September 2015 (see graphic above). With listing inventory on the rise and sales on the decline it is natural to assume that prices will slide.
The war on housing continues but this time the impact will be felt by the local consumer. The new mortgage rules will make it infinity more difficult for first time buyers, that do not have a 20% down payment, to purchase their first home. The new regulations not only impacts the size of loan that they will be able to qualify for but also lessens the competition in the mortgage market.