Howefamily

ours was in the London commuter belt and they have gone up roughly 22%

getoutofbritainquick

All I can say is I did very nicely. Does that make people feel more comfortable? Personally I cannot believe where this planet is going. But for the doubters - I did all right (actually very well). Do I feel good about it - the answer is no. What are we going to leave behind as a legacy?

confused_uk

That map is nonsense, it says growth for havering is -5% my flat here is up over a third from when I bought it 5 years ago. Every around here has being going through the roof over the past year

Howefamily

You know what it can be like, many on this website will quote statistics at you and swear blind your personal experience is rubbish

confused_uk

Haha, so true

scrubbedexpat091

What about tiny homes? There is a push in town to get area's zoned for tiny home village like a mobile home park but with tiny homes with are apparently tiny and cheap to build.... Its all just started so nowhere near being a real possibility at the moment.

We have similar housing cost issues here, while cheaper to own here then Vancouver, renting wise its a nightmare, just on a smaller scale.


Renting wise seems to be no real place in Southern BC where prices are all that low.

Owning is obviously cheaper once you leave the metro region.

el_richo

I'm confused. Should we use official statistics based on actual sale prices or should we use individual personal experiences that are not quantifiable?

Howefamily

Up to you, I would say that both sources dont need to be mutually exclusive

JamesM

Relax folks.

The bubble will burst soon enough.

The last myth that immigration has been fuelling the rise in prices has just been destroyed.

Canada has 2 new housing starts for every new working person in the country.

Canada’s housing boom has no demographic legs to stand on - The Globe and Mail

withabix

The problem with that story is that it puts all of Canada in to one bucket.

There is net migration into BC from other Canadian provinces and from abroad.

Population of BC went up by 1.1% in the twelve months to the end of March 2015.

Round here, people are buying new houses to live in. So where are they coming from?

dbd33

Old houses, flats, their parents' place?

JamesM

I'm not sure I follow your logic.

More properties are built in Canada at a rate of twice the working people being added to the population near the bigger cities. There is no land shortage.

This has been the rising trend since 2010.

There is a point where we will have empty houses and potentially quite a few.

I also don't imagine that builders are stupid enough to put all of these new houses up in Nunavut when we have seen large price rises in areas like Vancouver and Toronto.

A betting man would say the houses are probably put up in the bigger provinces.

Here is some stats from a Government Bureau:

Housing starts, by province

Shard

Housing starts will slow if economic conditions continue to weaken. Some houses will be purchased by overseas investors. Not saying there won't be a correction, just other factors may mitigate a crash.

withabix

BC Population typically increases by approx. 50,000 per year, so it is not unreasonable to build approx. 28,000 new properties every year, given the number that are also torn down and replaced, the number of kids eventually leaving home and the number of homes that have 2 or fewer occupants, is it?

Also there are quite a lot of people with holiday homes. They are also in the stats.

There may be quite a lot of allegedly empty 'investment' apartments in Vancouver, but in a lot of areas the developers can't build homes fast enough for people who want to live in them.

When demand slows, so does development. Even in Vancouver the speculative developments are done in phases, the next phase not being built out until the last one is sold out.

As for there being 'no land shortage', that may be the case in some areas. It isn't here. Something to do with the Pacific, the coastal mountains, the USA border and a lot of blueberries, corn, cranberries etc...

We are not in the position Spain is - they could stop building homes today and not run out of empty inventory for 100 years....

el_richo

This quote says it all really.

“The economy is undergoing a significant and complex adjustment… Of particular note are the vulnerabilities associated with household debt and rising housing prices. And we must acknowledge that today’s action could exacerbate these vulnerabilities.”

Too many people with a newly planted stake in the game have their heads in the sand or are completely oblivious to the risk. Interesting few years ahead.

*cough*Recession*cough*