Vancouver Housing Market 2008
Posted on January 22nd, 2008 by Roland Lewis
What will the Vancouver Real Estate market do in 2008? 
Everyone has an opinion and an entitlement to it. Here are a few thoughts or rather questions that may lead to some answers for the future direction of the Vancouver Real Estate Market.
- When Vancouver starts the world wide 2010 Olympic marketing campaign to the world, will foreign investment rise?
- How will the newly announced expansion of the UBC line, Evergreen line effect home prices to the newly connected areas?
- How does Vancouver look as a place to live and invest in the eyes of the world in today’s markets?
- Do we have what the world needs?
- Will Americans move their real estate investments to “safer ground” while the housing crisis looms?
- Is it easy for foreign investors to purchase in Canada?
- Will increasing demand for natural resources continue to fuel our economy and pump our housing market?
- Where will Canada’s aging population want to retire and settle?
- What have been the drivers of our housing market this far? Are they still present?
- How much equity does the average Vancouverite have in their home?
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excellent questions!
answer to #1 -4 yes
answer to #5 - i’m not an economist but it would make sense to me
answer to #6 - financing for non residents is more difficult since last august
answer to #7 - yes
answer to #8 - on the west coast!
answer to #9 - international investment, californians buying condos for themselves to use when they visit our city….which they love…because they can walk everywhere when they live downtown. lots of albertans buying on the coast. British buyers still prevalent. I understand there is huge money from korea being invested in houses in the right west side school districts….and from mainland china. also lots of local first time buyers who get help from their parents. haven’t noticed much trade up buyers over the last few years. i believe vancouver will continue to be a desirable city in which to live.
i have read no facts regarding #10.
I could not find any reliable statistics on equity either, but here are my tips on equity. If you are selling a house in which you have a lot of equity, and you don’t need that equity to buy a new home, an owner-financing agreement may benefit you and your buyers.
Seller financing arrangements usually involve the buyers securing the largest portion of their purchase money from a mortgage company and getting a smaller second loan from the sellers. For example, they may finance 75% from a lender, put in 15% from savings, and ask the sellers to finance the remaining amount. The terms and interest rates on seller carry-backs are negotiated on a case-by-case basis.
I hope it was of some help.
Sellers may be able to negotiate a note that provides a better return on their money than 1-to-5 year CD’s or treasury notes. They should ensure that the note protects them to the fullest. Use common sense when considering such a loan, and verify the buyers’ income, credit history, and job stability before making your final decision.