CMHC’s Vancouver Housing Market Update

On April 10, 2008, Robyn Adamache, CMHC’s Senior Market Analyst, presented to a group of bankers and mortgage brokers in the Richmond and Vancouver area CMHC’s Housing Market Update. She discussed recent housing trends and provided an update on the local resale market

One notable trend is the greater acceptability of apartment living. This can be attributed affordability, land constraints, demographics, social, environmental and aesthetic issues.

Approximately 8% of Vancouverites are looking to buy a home. Thirty-five percent will be first time home buyers while 64% will be repeat buyers.

Despite a recent increase in listings to 5 months, the resale market is still in “sellers market” territory. Housing prices will continue on the uptrend. CMHC forecasts housing price increases of 8% for both Richmond and Vancouver. House prices in Surrey/White Rock will grow by 6%. In Delta, the price increase is expected to be 5%. . Overall, for 2008, house prices in Metro Vancouver are expected to increase by 8% in 2008 and 5% in 2009.  Although there was a dip in sales for the First Quarter of 2008, first quarter results are not a good predictor of sales for the full year

You may download Ms. Adamache’s presentation by clicking on this link.