Vancouver : Affordable Homes Needed
<p>The economic downturn triggered by COVID-19 has not spared any industry, and Vancouver’s housing market is no different, immediately hitting sales and in the future construction. Over 40,000 homes were built across the greater Vancouver region in May 2020, a mere two months after BC announced its state of emergency. Over two thirds of these homes were condominiums, planned ages ago to satisfy the city’s raging housing market, a large chunk of which was fueled by developer speculation. Despite the steady momentum of home construction, sales have dropped sharply since COVID-19’s outbreak. Figures released by The Real Estate Board of Greater Vancouver recently said that home sales totalled 1,485 in May, a 44 percent decline in the same month a year ago, and 54 percent below the May average for the last decade. The prices of these homes have seen a small drop of $7,600 in May. On the other hand, the rate of empty homes in Vancouver continues to be the highest in the country. Data from 2019 suggests a vacancy of 8.2 percent, which translates into roughly 25,000 empty homes in the city. This is before the sharp drop in Airbnb left many apartments empty. The highest vacancy rate, as expected, was in the sprawling mansions of West Vancouver, at 9.6 percent. %.</p>
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