Articles

Welcome to 2016

New is the year, new are the hopes, new is the resolution, new are the spirits and new are my warm wishes to a promising and fulfilling New Year.
Metro Vancouver sales set an all-time records

Metro Vancouver sales set an all-time records

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014.
The Shift from Singles to Multis

The Shift from Singles to Multis

A myriad of factors impact housing demand, from geography and land scarcity, to population growth and economic conditions. These are the driving factors in the current trend of shifting away from single-detached housing toward multi-family housing units, especially in the urban areas. Vancouver is Canada’s third largest city, with the metropolitan area home to over 2.4 million people spread across 950,000 households. The geographical limitations of being fenced in by the North Shore Mountains, the Strait of Georgia, the border with the United States and the Agricultural Land Reserve in the Fraser Valley, have necessitated a shift in the housing stock toward higher density projects. Indeed, single-detached homes are becoming increasingly scarce. Between 1991 and 2011, the total stock of single-detached homes in the Vancouver CMA actually declined by 1,000 units, as existing single-detached homes were either replaced by higher density condos or converted to multi-family units via the rapid expansion of rental suites. Most significantly, the share of single detached homes declined from 50 per cent in 1991 to only one-third by 2011. These land intensive single-detached units are projected to decline even further, both in proportion and absolute numbers, to just 10 per cent by 2040