The housing numbers out of Vancouver, once among the world’s hottest real estate markets, are getting more dismal with each passing month.
Outlying suburbs and southern Vancouver Island, favoured by families and those able to work remotely or start businesses, are still seeing growth, she said. Developers are also starting to assemble lots and buy land again. One Vancity client recently tried to buy a commercial building in Vancouver listed for $20 million, but lost — the property sold for $26 million within five days after getting seven offers, she said.
Housing for families, such as two- and three-bedroom townhouses with a small yard, aren’t part of Vancouver’s housing supply, she said. Cheap rentals are also difficult to come by, even with Vancity financing the development of 3,000 affordable rental units in the past year.‘Brain Drain’With Canada’s rising household debt levels “perilously high,” more needs to be done to lift incomes that have stagnated for years within British Columbia’s real estate fuelled economy, according to Vrooman.
Nevertheless, Vancity has benefited from the real estate boom. During Vrooman’s 11 years at the helm, the co-operative has boosted assets 62 per cent while advancing its long-standing objective of upending the big banks in Canada’s third-largest city. The lender has 59 branches and 2,853 employees mostly in and around the Vancouver region.
Like Canada’s big banks, she’s also seen a slowdown in mortgage lending amid more stringent rules and other measures in the last few years to slow B.C.’s overheated housing market.
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