A few weeks ago, I took a look at the real-estate market.
It’s the big picture, the big deal, the story of this economy.
Now, it’s not a complete story, and it’s still growing, but it’s an interesting snapshot.
The first thing that comes to mind is that the real price of housing has risen in recent years, and that’s been driven by demand.
But the data shows the opposite.
The rate of increase is slow, but we know it’s happening because the numbers are getting better.
The second thing to know is that prices have continued to rise.
This is a new thing in the country, and not just in Vancouver.
In all but two provinces, home prices are up, and in Ontario, Vancouver is up the most, up more than 30 per cent in the past year.
In the past five years, the average price for a detached home in Toronto has risen about 12 per cent, while in Vancouver it’s up almost 18 per cent.
That’s a lot of price growth, but that’s also an indication that there is plenty of demand for homes.
The biggest contributor to the pace of price increases is the cost of living.
The average price of a detached house in Vancouver is now $2.5 million, or more than double the average in the United States.
The cost of a single-family home in Vancouver rose by more than 50 per cent between 2005 and 2018, according to an article by CTV Vancouver.
The next big driver of price hikes is the rising cost of rental housing.
This includes a large part of Vancouver’s downtown core, as well as the suburbs.
A new report from real-tourism group REALTORS.ca says the cost to rent in Vancouver hit $1,000 in July 2018, an increase of 27 per cent from the same month a year earlier.
That price is almost three times higher than the average rental price in the region, which is about $500 a month.
The city’s median rental rent for a two-bedroom is $1.3 million, according the study, while the median rent for an apartment is $2,400.
The study also found that home ownership rates are rising.
While they fell in the late 1980s and early 1990s, they’re up to almost 20 per cent this year, up from around 10 per cent the year before.
The highest home ownership rate in Canada is in the U.S., at 63 per cent (the U.K. is second at 62 per cent).
It means that people are renting their homes more and spending more, which makes housing more expensive.
“It’s all part of the same story, the same trend that we’re seeing across the country,” said Realtor.ca vice president of research.
“The affordability issue is a big driver, and I think it’s going to be a key driver for prices.”
While this is all happening, the housing market is still growing.
In 2018, the number of homes built increased by 5,854, which was the biggest increase since 2008.
The most recent year for which the number was available was the 2016 calendar year.
But overall, the market is up 7.2 per cent over the past three years.
And while there’s still some supply in the market, prices are trending up faster than wages.
The typical salary in Vancouver for a full-time worker was $57,926 last year, which rose to $64,566 in 2018.
The national average salary is $50,947.
In terms of the overall housing market, there are signs that prices are starting to rise again.
Realtors says the average annual price of detached homes in Vancouver reached $2 million last year.
The price rose to about $3.1 million in 2019.
But that is still about half the average home price in Vancouver, which stands at $3,845, according REALTOR.ca.
There are also signs that the rate of price appreciation is slowing.
The median price for an all-in-one home in the city increased by just 2.3 per cent last year to $1 million.
But in 2019, it increased by a full 25 per cent to $2-3 million.
That means we’re starting to see the price of home equity increase more slowly than wages, at least in the short-term.
The same study says home equity values are up 4.4 per cent since 2018.
But at this pace, home values will have to be around $4 million by 2023, which will make them less affordable than they were in 2019 or 2020.