{"id":133,"date":"2021-12-07T19:42:12","date_gmt":"2021-12-08T00:42:12","guid":{"rendered":"https:\/\/www.kenstef.com\/blog\/?p=133"},"modified":"2021-12-07T19:42:56","modified_gmt":"2021-12-08T00:42:56","slug":"changes-in-vancouvers-real-estate-market-coming-in-2022","status":"publish","type":"post","link":"https:\/\/bcoceansideproperties.com\/blog\/changes-in-vancouvers-real-estate-market-coming-in-2022\/","title":{"rendered":"Changes In Vancouver\u2019s Real Estate Market Coming in 2022"},"content":{"rendered":"<h3><strong>Higher Property Taxes for Vancouver Homeowners<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Following <\/span><a href=\"https:\/\/bc.ctvnews.ca\/vancouver-property-taxes-will-be-hiked-the-maximum-amount-recommended-in-2021-1.5223715\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the 2021 property taxes hike of 5% (announced December 2021) in Vancouver<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.cbc.ca\/news\/canada\/british-columbia\/vancouver-budget-2022-1.6268996\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">another 5% increase is expected in 2022<\/span><\/a><span style=\"font-weight: 400;\">. While this is a lower rate of increase than <\/span><a href=\"https:\/\/www.cbc.ca\/news\/canada\/british-columbia\/vancouver-budget-property-tax-final-1.5399979\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the 7% increase in 2020<\/span><\/a><span style=\"font-weight: 400;\">, this marks 3 years in a row of 5% or higher increases <\/span><a href=\"https:\/\/vancouver.ca\/home-property-development\/residential.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">by the City of Vancouver<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><span style=\"font-weight: 600;\">How much more will it burden homeowners, exactly? Here are examples:<\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For a <\/span><a href=\"https:\/\/www.kenstef.com\/listings\/city-Vancouver+West\/type-Condo\/min_price-700000\/max_price-750000\/page-1\"><span style=\"font-weight: 400;\">Vancouver Condo assessed at $711,000<\/span><\/a><span style=\"font-weight: 400;\">, it works out to $57 more, for a total of $1,194\/yr.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For a <\/span><a href=\"https:\/\/www.kenstef.com\/listings\/city-Vancouver+East\/type-Condo\/min_price-1650000\/max_price-1750000\/page-1\"><span style=\"font-weight: 400;\">Vancouver House assessed at $1,717,000<\/span><\/a><span style=\"font-weight: 400;\">, it works out to $137 more, for a total of $2,883\/yr.<\/span><\/li>\n<\/ul>\n<h3><strong>Inflation Reduces Housing Starts, And This May Reduce Inventory Coming Up<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">According to the CMHC, <\/span><a href=\"https:\/\/betterdwelling.com\/canadian-new-housing-starts-are-now-crashing-as-inflation-forces-builders-to-pause\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the housing starts in October 2021 was 29% lower<\/span><\/a><span style=\"font-weight: 400;\"> than the peak seen earlier in March. Inflation of labour and material costs appear to be the main reason. Some developers are having to ask for more money from buyers to cover the soaring costs, while many developers have simply put a halt to existing development plans. Following a period of <\/span><a href=\"https:\/\/vancouversun.com\/news\/vancouver-housing-sales-slow-compared-to-last-year-but-prices-remain-high\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reduced inventory in Vancouver,<\/span><\/a><span style=\"font-weight: 400;\"> delay in housing starts could create a further squeeze in supply.<\/span><\/p>\n<h3><strong>Mortgage Rate Hikes In The Horizon Is Most Likely<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">An increase in interest rates has been talked about for quite some time, especially in the context of high inflation following the QE money pump throughout the COVID-19 pandemic. Many <\/span><a href=\"https:\/\/www.ctvnews.ca\/business\/expect-mortgage-rates-to-rise-in-2022-economists-say-1.5643959\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Canadian economists are forecasting that in 2022, the rate hike will finally happen<\/span><\/a><span style=\"font-weight: 400;\">. Historically, an increase in interest rates reduce the borrowing limit, and therefore, the purchasing power of soon-to-be homeowners. How much of this contraction in purchasing power will counteract the reduction in inventory, time will tell.\u00a0<\/span><\/p>\n<h3><strong>Want To Discuss Your Real Estate Strategy for 2022?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Inventory reduction, interest rate increases, tax hikes are only a few of the factors that can affect real estate prices and what it means to buy or sell property in Vancouver. If you want an in-depth discussion of your future with experienced real estate agents, <\/span><a href=\"https:\/\/www.kenstef.com\/contact\"><span style=\"font-weight: 400;\">please contact Ken &amp; Samantha now<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h4><strong>Review Vancouver Real Estate Stats In October 2021<\/strong><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/olympic-village-mount-pleasant-and-main-street-real-estate-movement-in-october-2021\/\"><span style=\"font-weight: 400;\">Olympic Village, Mount Pleasant and Main Street real estate movement in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/arbutus-quilchena-kerrisdale-detached-houses-movement-in-october-2021\/\"><span style=\"font-weight: 400;\">Arbutus, Quilchena &amp; Kerrisdale detached houses movement in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/shaughnessy-south-granville-mackenzie-heights-houses-movement-in-october-2021\/\"><span style=\"font-weight: 400;\">Shaughnessy &amp; South Granville, Mackenzie Heights detached homes movement in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/the-cambie-corridor-sw-marine-to-olympic-village-false-creek-real-estate-movement-in-october-2021\/\"><span style=\"font-weight: 400;\">The Cambie Corridor (sw Marine to Olympic Village\/False Creek) real estate movement in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/kitsilano-point-grey-university-dunbar-southlands-real-estate-movement-in-october-2021\/\"><span style=\"font-weight: 400;\">Kitsilano, Point Grey, University, Dunbar &amp; Southlands real estate movement in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/detached-houses-movement-in-vancouver-westside-in-october-2021\/\"><span style=\"font-weight: 400;\">Detached houses movement in Vancouver Westside in October 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.bcoceansideproperties.com\/blog\/condos-and-townhomes-in-downtown-vancouver-vs-outside-of-it-in-october-2021\/\"><span style=\"font-weight: 400;\">Condos &amp; townhomes \u2013 Downtown Vancouver vs outside of it in October 2021<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Higher Property Taxes for Vancouver Homeowners Following the 2021 property taxes hike of 5% (announced December 2021) in Vancouver, another 5% increase is expected in 2022. &hellip;<\/p>\n","protected":false},"author":2,"featured_media":135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[22,14,11,39,50,3,19,12,10,63,4,40],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Changes In Vancouver\u2019s Real Estate Market Coming in 2022<\/title>\n<meta name=\"description\" content=\"2021 saw an increase of 5% in tax property. 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