The six months to December was characterized by falling prices in the residential category, a clear departure from moments seen in the last one decade. Detached properties showed no promise either; they declined by a whopping Consequently, housing was concentrated in major urban areas and recorded a remarkable growth in tandem with the increased demand.
The youth are leading among all the groups when it comes to employment in Vancouver. The second half of s was characterized by increased housing construction in CMAs.
This in turn creates a heightened demand for rental houses. This report examines the influences of these factors through history, analyses the perceived impact of the much anticipated Olympic Games and draws a conclusion based on these findings.
According to the February 3rdreport released by the Real Essay to buy a house Board of Greater Vancouver, the home sales under apartment, attached and detached category dropped by CMHC projects that due to increased migration and changing demographic factors, there will be a steady demand of about 5, new rental houses every year.
Retrieved April 27, from http: A number of factors have contributed to the changing trends among them being demographic factors, employment, the economy, mortgages and price of properties.
Those seeking jobs especially among the youth from the upcountry increased demand for houses in Vancouver. Following the retarding job vacancies in Vancouver, the unemployment level continues to soar contributing to the tightened market for jobs. According to Young the Olympics will create a new demand for an estimatedsq.
In Sydney alone brought overseas companies estimated at Home Listings withdraw as Sales Volume Slows. The apartment property benchmark price dropped by Besides about 1, sq. Among the most affected groups are the women and the seniors without forgetting to mention the rental immigrant households CMHC, Effects of the Olympics The impact of Olympics on Sydney and Atlanta were remarkable.
Contingents from 20 countries are expected on not less than four to six weeks period. The changes over the last one year are completely the opposite to what was witnessed during the period prior to December The period prior to depicted unprecedented growth in real estate but dramatically slowed the pace from mid to April Price Changing History of Price Change The beginning of witnessed a protracted reduction in the volume of houses being listed for sale in the Greater Vancouver being the lowest since the beginning of s.
The decision to buy or rent a house in Vancouver is an informed one and therefore investors stand to benefit from an improved macro-economic condition that is prevailing. Real estate is one of the booming businesses but it has been adversely affected by the changing economic conditions that have hit the global financial market.
Give the slowing economy and the tightening job market, rental demand is likely to ease in the coming years CMHC-SCHL, Predictions of Market Value Even though the increasing population between to caused an increase in the construction of houses, both for sale and rental, these did not offset the increasing demand especially in one out of six CMAs.
However the sales under the three categories declined to 24, units from 38, units sold in Homeownership skyrocketed between and The report depicts that the s showed great discrepancies in the terms of growth rates and component characteristics among the Census Metropolitan Areas CMA.
The attached properties benchmark price declined by 8. Vancouver housing starts plunge Given that the real estate has been undergoing a slump in the past one year, the Olympics will definitely usher in an era of increased investment in real estate to cope with increased demand in Vancouver.
Retrieved April 28, from http: It caused the two cities to gain a global exposure, showcase local companies and most importantly attract international companies who have since established their facilities to do business.
These have in essence created a core need for new housing in Vancouver especially among the renters CMHC, Economic in the lower mainland The Aborigines are in higher need of housing besides those who live alone and parental households. Most of these immigrants are from other countries who first took rental houses before buying the houses.
Like other Canadians, residents of Vancouver have been faced with the challenge of affording a house. Graph adopted from Jay Banks website on April 27, at http: The demand outstripped supply making rental and house prices to rise steadily CMHC, Current growing population Vancouver house industry has benefited a lot from the increasing migrant population with 30, people moving into Vancouver from the other countries and provinces last year alone.
At the moment preparation are ongoing by the architectural, construction and engineering firms who are working the Olympic avenue in the process employing staff who are renting and busing houses in Vancouver. The Olympic Committee has in the past rented large mansions or even the whole estate, whole restaurants, retail stores, club houses among other facilities Refer to Table 2 in Appendix Young, Conclusion The Olympics is expected to bring in revenue and more investment in Vancouver which will turn increase the pace of development in real estate.
Broadcast stations are already scrambling fro broadcast space in Vancouver. Besides the increased population, per capita incomes were on the rise and the falling mortgage rates accounted for the increase.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Part time jobs have been leading the park further contributing to the rental demand.Search based on the opinion of friends and relatives (personal) and online search (commercial).
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