Average prices of Vancouver’s Downtown Condo Neighbourhoods
Coal Harbour $793,741, False Creek North $824,442, Downtown $414,034, West End $475,981
CMHC says apartment starts in Downtown Vancouver drop by 37% and Vancouver Westside by 42% this year. However, condo construction picks up at a rapid rate of 93% in Vancouver Eastside.
According to analysts, Vancouver’s housing market is still considered healthy as only about 20% of properties are resold within a year, indicating speculation remains low.
Among the 8% of Vancouverites who are planning to buy a property, 35% are first time buyers and 64% are repeat buyers, according to CMHC’s survey.
Mortgage rate outlook is flat, according to CMHC’s regional economist Carol Frketich, at around 7%, down from the mid-2000 peak of 8.75%.
However, while still low by historical norms, mortgage rates are expected to rise .25 to .50% in 2008. The one year posted mortgage rate is forecast to be in the 6.50-7.50% range, while three and five year posted mortgage rates are forecast to be in the 6.75-7.75% in 2008.
I am finding there is a shortage of inventory, still lots of multiple offers happening, in all price ranges under $1 million. The buyers are first timers, investors and offshore people looking for vacation homes.