July 5, 2011

Vancouver leads Housing Market in BC

According to a recent Reuters article, Finance Minister Jim Flaherty said that he continues to monitor the country's housing market, which has some "hot spots", but said the situation remained stable. "We have seen some moderation in the housing market in Canada," Flaherty said. "There are a couple  of hot spots in the country, including Vancouver, the condo market in Vancouver, but overall I'm satisfied that there is some moderation in the market."

Flaherty later told Parliament that Canada's housing sector is in a "very different place" compared to the U.S. market. "The reality is that their housing crisis continues, that there's a danger of a prolonged housing crisis in the United States. That's not in Canada, and that's because we regulate, we supervise, we monitor; we have fiscal responsibility in terms of the housing sector in Canada, a very different place," he said.
Doug Porter, deputy chief economist with Bank of Montreal was quoted in The National Post earlier this month saying, “Quite simply, no other city in the country is seeing anything remotely close to what’s unfolding in Vancouver. In fact, many large cities have posted price declines over the past year..."
As a result of Canada's low interest rates combined with the country's healthy banking system, Canadian house prices have climbed to multi-year highs, further proof that the market continues to show signs of strength and activity. Watch our blog for upcoming posts about the projects we have in the works at Wallmark Homes. We can't wait to share them with you!