Market Commentary - Feb 29, 2016
Market Commentary
For the second time in a month a piece of unexceptional Vancouver real estate has sold for a stunning amount of money.
Last week a three bedroom home on a, so called, standard lot in Kitsilano sold for a record-breaking $4.23 million, $735,000 over asking. About 10 days earlier a shabby, little tear-down in Grey Point sold for nearly $2.5 million, some $800,000 over asking.
Arguments can be made that West Vancouver is not a valid indicator of affordability but, it seems, most Canadians do not believe them.
A new Angus Reid survey suggests nearly 60% of urban Canadians feel home prices in their neighbourhoods are high or unreasonably high.
That's not surprising in Vancouver and Toronto, but it is interesting that the same attitude is affecting far less volatile markets: Montreal 57%; Halifax 52%; Calgary 47%; Edmonton 51%.
The survey also suggests two-thirds of Canadians want the government to be more involved to make sure the system is fair. What that involvement should be is not specified
For the second time in a month a piece of unexceptional Vancouver real estate has sold for a stunning amount of money.
Last week a three bedroom home on a, so called, standard lot in Kitsilano sold for a record-breaking $4.23 million, $735,000 over asking. About 10 days earlier a shabby, little tear-down in Grey Point sold for nearly $2.5 million, some $800,000 over asking.
Arguments can be made that West Vancouver is not a valid indicator of affordability but, it seems, most Canadians do not believe them.
A new Angus Reid survey suggests nearly 60% of urban Canadians feel home prices in their neighbourhoods are high or unreasonably high.
That's not surprising in Vancouver and Toronto, but it is interesting that the same attitude is affecting far less volatile markets: Montreal 57%; Halifax 52%; Calgary 47%; Edmonton 51%.
The survey also suggests two-thirds of Canadians want the government to be more involved to make sure the system is fair. What that involvement should be is not specified
