Housing Market will Remain Strong in B.C.

Tuesday, November 14, 2006 09:17 AM

The Housing market looks good for the next year says Cananda Mortgage and Housing.

CMHC’s experts say the hosuing market, both new and resale will have continued above average growth next year, although it may be a slower pace than what was experienced in 2006.

According to CMHC’s Market Analysis Centre, the main challenges for BC’s housing industry in the coming years will be to find development sites in the right location and at the right cost, securing both labour and materials costs and keeping to project time lines.

CMHC is also expanding its analysis base, as it has announced it will start keeping tabs on the secondary rental market which includes apartment condominiums, single, semi-detached and duplex units in its fall Rental Market Reports for selected centres in Canada. That survey will be released on December 14th. In addition, market participants will now benefit from updates on the rental market twice a year as a new rental market survey will be conducted in April.

A new Renovation Expenditure Survey will also be introduced by CMHC to collect information on this market in 10 major centres.

BC Housing Price	2005	2006	2007
BC MLS® average price	$332,224	$389,500	$419,400
% change	14.9%	17.2%	7.7%
Source : Historical CREA, Forecast CMHC

BC Housing Starts	2005	2006	2007
BC Starts	34,667	36,900	35,300
% change	5.3%	6.4%	-4.3%
Single-detached	13,719	15,700	14,600
% change	-2.4%	14.4%	-7.0%
Multi-unit	20,948	21,200	20,700
% change	11.0%	1.2%	-2.4%
Source: CMHC

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Posted on Tuesday, November 14, 2006 09:17 AM in Money by 250 News

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Comments

Posted by: Harbinger on November 14 2006 10:04 AM

As long as those rich ninnies in the Lower Mainland remain ignorant of our cheap house prices here, I will be happy. They can have their drive by shootings. Air Care, traffic, and helicopters telling them which way to go home and the inevitability of finding a parking space. After coming back for a visit from down there, in a word, they can have it.

Posted by: Palopu on November 14 2006 11:42 AM

With all the traffic problems, high house prices, distance from work etc; the population of the Greater Vancouver area continues to grow. Most people in Vanocouver are not rich, but are medium to lower income. Even so you would have to threaten them with death or life in prison before they would move North to this area with its 6 months of winter, and other disadvantages.

I know lots of Vanocouver people who when I suggest that they move North fall into fits of uncontrollable laughter.

The difference in the Population growth for this area and Vancouver tells the story.

Prince George growth in 10 years Nil
Vancouver area in 10 years 2/3% per year