Vancouver
Vancouver is an attractive west coast seaport in the British Columbia. It is one of the ethnically diverse cities of Canada. There is a famous filming location that is surrounded by the mountains and this city also has a theatre, music scenes and thriving arts. There is a famous Vancouver Art Gallery which is very popular for the work that is done by local artists. Vancouver has a population of 675,218 individuals.
Real estate outlook for 2020:
According to a report there is a 7.7% rise in average real estate price over 2019. The realtors are expecting less houses will be available for sale this year and also in 2021 as compared to 2019. An increase of 3.7% has also been forecasted by BCREA in 2021. In the Great Vancouver city, the association predicts the average price to increase to 5.9% over 2019. In 2021, the average price in this area is anticipated to rise 2.4%. In Fraser Valley, BCREA is looking forward to the average price growing to 6.7% in 2020 and 2.6% in 2021.
On 4th June, 2020 the CMHC anticipates 9 to 18% fall in average price of houses in the country over next year. The Federal Housing Agency recapitulated its dim opinion after a few weeks on 23rd June. This happened when CMHC revealed its thinking report for the summer market. The housing pricing will likely to fall due to the unreliability over the economy’s path, this was stated by the agency mainly for the major urban centers. In terms of sales, the association anticipates 82,380 transactions in 2020, showing a 6.5% increase over 2020. Sales are going to be raised in 2021 by 96,860, is forecasted by BCREA, for a 17.6% increase.
Marketing Growth and stability:
The economy of Vancouver city is very shaking. This city is the official gateway to Pacific Rim which is a major port and main western terminal of the rail routes and transcontinental highway. This city has been successfully converted from a resource based-economy to the diverse knowledge-based one and its economy is one of the fastest growing economies in Canada. In 2017, the Conference board of Canada represented the CA$137 Billion GDP of Vancouver city with a growth rate of 4.5 percent which means that Vancouver anticipates approximately 7.5 percent of the overall economy of Canada.
The major economic centers of the city include film and TV, technology, natural resources, tourism, trade and construction. The tougher lending rules were devised by federal policy makers for the uninsured mortgage portion. The applicants of the uninsured have to be qualified either at the bank of Canada’s benchmark rate or at a rate that is two hundred basis points over what their lenders are offering. While Canadian household debt to the disposable income ratio is 176% which means that Canadian households own the %1.76 in the credit market debt for every dollar of the disposable income that they have, the IMF said that a more balanced housing market has mitigated the vulnerabilities.
