In The News - February Updates
Here’s a roundup of all the latest developments in the Vancouver housing market for the beginning of February.
The Grey Wave
If you’re looking for booming trends in the Canadian housing market you should look no further than the retirement industry. With projections estimating the sector to be worth over $71 billion in the coming decades, 15% of which is set to come to British Columbia, including a high density of the wealthiest residents.
Currently, the hotbed for these properties is Victoria, but there are a number of smaller areas set to receive a boost from what has been dubbed the ‘Grey Wave’. The most notable of which are :
For the second consecutive year, Vancouver has ranked as the second-most unaffordable housing market in the world. This is according to the 16th official Demographia International Housing Affordability Survey. It’s not all bad news though, according to some experts, moves made by the provincial government should be able to reduce the inflated market — great news for developers in the Vancouver area who are looking 2-3 years into the future.
Second Home Boom
Changes being discussed by the provincial agricultural ministry — specifically revisions to Bill 52 — would make it easier for owners of farmland to build a second residence on their property. There would be a number of potential options for these residencies, including :
Housing additional family members
If you’re interested in getting on the property ladder then the best place to start is with Jack Barker — as experts in real estate, we’re able to help you find the home that’s right for you, or give your property the platform it needs in order to sell.