Gen Y will be forced to downsize?
The average price for new and existing detached properties sold within the city of Vancouver surpassed $1.9-million last year, up 173 per cent since 2005. Van City forecasts that the average detached price within Vancouver’s city limits could top $4.4-million in 2030, based on pricing growth in recent years, though real estate experts dismiss the projection as fantastical. According to the Globe and Mail, in Greater Vancouver – including suburbs such as North Vancouver, Richmond and Burnaby – average detached resale prices set a new high last month of more than $1.4-million, up 16.2 per cent from March, 2014. The past decade has seen prices surge in the broader region called Metro Vancouver, which includes Greater Vancouver and less-expensive communities such as Surrey and Langley. The average detached price in Metro Vancouver reached nearly $1.1-million last year, up 114 per cent since 2005. Vancity’s forecast for 2030 envisages an average price of $2.35-million for detached houses in Metro Vancouver. “Condominiums will become a more common and desirable way to achieve the dream of property ownership,” Vancity said in its recent report titled Downsizing the Canadian dream – Home ownership realities for millennials and beyond.
Former corrupt Montreal mayor becomes real agent
According to an article in the Montreal Gazette, former Montreal mayor Michael Applebaum, who was forced to resign in 2013 after his arrest on 14 criminal charges linked to real estate transactions while he was borough mayor of Côte-des-Neiges—Notre-Dame-de-Grâce, is working again — as a real estate agent. Applebaum’s realtor sign is planted before a lower N.D.G. duplex on Mayfair Ave. near Fielding Ave. that is selling for $359,000 and features three bedrooms, wood floors and a spacious backyard. Applebaum’s name is on the sign, but not his photo. Applebaum was elected interim mayor of Montreal in 2012 following the resignation of Gérald Tremblay and served for seven months, resigning on June 18. The day before his resignation he was arrested at his home by officers with the provincial anti-corruption squad UPAC and subsequently charged with fraud, breach of trust, conspiracy to commit municipal corruption and municipal corruption. Applebaum has maintained his innocence and said he plans to fight the charges. When reached by the Gazette, Applebaum confirmed he has renewed the real estate licence he first obtained to supplement his municipal councillor salary during the 1990s. “OK, so listen, I’m doing real estate right now, that is my profession, that’s all I have to say,” he said. “I have the right to make a living, I’m working at real estate, absolutely. It’s nothing that I’m hiding. Simple as that.”
Ottawa-area town thriving
Re-sale listing inventory is at a 10-year high for this time of year in Ottawa. It’s currently running at 34 per cent higher than the five-year average for residential properties and 58 per cent higher for condos. Stittsville is no exception, according to an article in the town's local paper. Stittsville is experiencing significant competition for available buyers in a market favouring buyers. While an extended winter did not help, the combination of excess listing inventory and tremendous competition from new home builders have kept the re-sale market in check for the first quarter of the year.