CMHC spring housing market outlook
By ebizniz on June 2, 2007 - 8:49pm
CMHC spring housing market outlook report is bullish on Vancouver's housing market, inspite of the housing slump in the U.S., recent strong run up in the Canadian dollar approaching parity with the US dollar.
The report said, "As a result of strong demand and escalating construction costs, the average price for new single detached homes climbed 16 per cent in 2006. Look for new single family home prices to grow at about half that rate over the next two years". The full CMHC spring housing market outlook report can be viewed here.
This is a tough call to made and expect Vancouver's housing market to remain strong into 2008. No where was it mentioned that Vancouver's house prices is already the "highest" in Canada. Take a look at how Vancouver's prices compared with other cities in Canada as per Brain Ripley's Housing Price Charts.
Based on April's average price for detached home, townhome and condo in Vancouver at $695,000, $430,000 and $360,000, and borrowers applying for 75% financing will have to earn $130,000, $80,000 and $68,000 respectively to qualify for the loans. With the average Greater Vancouver's family income under $70,000, home buyers cannot be approved for 75% financing for townhomes and detached houses.
