Typically, when we see real estate values on the rise we assume that it’s good for the economy. Yet, that is not necessarily the case in British Columbia (a province in Canada if you are wondering what in the world is Osada is talking about?) where this rise in real estate costs does not coordinate with the income of its population. It has been estimated that in Vancouver real estate is currently over-valued by nearly 30%. What this means for locals is that housing which used to be affordable is no longer a viable option.
So what has led to this increase in housing costs? It is speculated that an increase in international purchases from wealthy elite in China as second and third homes has led to this increase. This has driven up the overall price of homes in the area. So just how much realty does China buy? You guessed it, nearly 30%. That means that for every $100 that is spent on housing in Vancouver, $30 of that came from Chinese investments.
This growing issue has yet to be truly addressed by the city who claims it is unable to accurately attribute these investments to foreign buyers. A survey was discussed as a potential option to getting a clearer picture of the mounting costs of homes in British Columbia, but no tangible steps have yet been taken to work towards rectifying the unaffordable housing cost for citizens. It’s possible that this has something to do with the interest of some homeowners who have seen a rise in their overall equity and development funded political parties.
Though it may be true that increasing the housing supply and overall housing value is a boost to the economy, it does not take into account the longer term effects it will have on Vancouver’s overall society. Higher housing costs without an increase in living wages will eventually lead to households having to choose between paying their rent or paying for their heat.
Marriott International Inc. made a huge leap, positioning them in the center of the hotel market in Canada. For $168 million they are going to accquire Delta’s 30 hotels and 10,000 rooms all around the country, making them leaders in terms of size. Once the agreement is made, Marriott would have a presence with more than 120 hotels and 27,000 rooms. Marriott International Inc. plans to gain control over the Delta brand, management, franchise business and intellectual property. The deal is expected to be closed in the second quarter of 2015.
Brings tears to my eyes when a real estate deal comes together this big
Despite the current difficult situation with Canada’s economy as a result of the weakened Canadian dollar and cheaper oil, Rick Hoffman, executive vice president of mergers and acquisitions in Marriott, sees plenty of upsides for the tourism and the overall hotel industry. He believes now it’s a good time to invest in these markets and actually takes the positive out of the lower value of fuel and currency, encouragingly forecasting a growth in the trips made to Canada in 2015 with around 200,000 for the Americans, 150,000 for international visitors and 1.1 million more domestic overnight trips from the Canadians.
Owning a big stake in Canada’s hotel market is just another step in Marriott’s expand strategy, as they recently bought local hotel chains in Europe and Africa, benefiting from the strong US dollar. Seeking opportunities outside of the well-established American hotel market seems to be one of their priorities.
British Columbia Investment Management Corporation must be quite satisfied with the sale. They acquired Delta in 2007 and since there is currently a very good, growing demand for the hotel industry, the idea of selling might actually come up as brilliant. What we can say about the financial outcome ? Quite pleasing.
You have 999 reasons why yes should be your only answer if you are planning on relocation to Vancouver Canada. It is ranked among the coolest places to live with its naturally beautiful landscapes and don’t get me started with the amenities of the city. It is safe, clean and the diversity of the population is great.
Quick facts about Vancouver
Relocating to Vancouver Canada – what you need to know. Here are some facts that you should know
The expenses involved in buying a home are too many already, why add more cost burden by hiring a mortgage broker? That’s valid skepticism about mortgage brokers, but you need one if you want to make the right decision. Here are some reasons why you need a mortgage broker;
1) Invaluable Advice. A mortgage involves much more than meets your eyes and ears. The detailed processes, the rates, insurance policies, the tenure of the mortgage. These are just the simple ones. But a mortgage broker will help you break it down to basics and by the end of it you will know the right package to take.
2) Perfect Understanding of the market. The criteria of reviewing mortgage applications changes from time to time. Now it’s more constrictive. That’s why you will need a mortgage broker to help you get the right deal; he is like your attorney he will negotiate the best rates and prices for you. They know the industry better than you do, unless you’re in the same industry.
Type of properties to expect
The properties have different designs in terms of their architectural layout and design. You may ask what about in terms of the neighborhood? This also poses a challenge as you will notice when you walk around your preferable neighborhood, the styles of the properties constantly change as you walk by. However, the best categorization is with years when the properties were built. There are 6 time periods in which categorization is made; the pre 1920s, 1920-1940, 1940-1960, 1960-1980, 1980-2000 and all other built past 2000. The common styles however, are grand mansions, bungalows, sprawling bungalows, finally there are the custom built. Most of these properties sit on large beautiful landscapes.
Why use our real estate services for relocating to Canada
If you are looking for the best and easiest way to comfortably relocate to Vancouver, then you are at the right place. Our knowledge of this market and our experience will ensure that we are committed to offering you the best services available in the market. We will hold your hand in the entire process of settling in Vancouver.
I and my family were looking to settle in Vancouver a few months ago. We were new to the city and did not have any friends or relatives who would help us around. It was tough getting started but when we stumbled upon The Ultra Light Site they fast tracked the whole process. Working with them was lovely; their commitment to the whole process awed us. Now we are happily settled and enjoying life in the city.
Aaron Johnson and family
We expected relocating to a new city to have its challenges, what we did not expect was how easy a process it turned out to be after working with The Ultralight Site. We got a beautiful home at a fantastic price, and the mortgaging process went swiftly with no hiccups. Thanks to The Ultralight Site we are now residents of Vancouver.