This was the first Urban Development Institute event I’ve had the privilege of attending. With the keynote speaker being Bob Rennie of Rennie Marketing Systems, this may be the biggest I ever will. Also in attendance were the Aquilini family, Bosa, Concord Pacific, and KPMG just to name a few of the hundreds.
Bob is probably the most knowledgeable and influential real estate professional in Vancouver, and is also an entertaining speaker. He presented an interesting perspective of real estate in Vancouver. Here are the highlights:
- Metro Vancouver real estate market is segmented into two different markets now: local income and foreign income
- 60% of all sales on the Vancouver Westside have been to mainland China
- Baby boomers are looking for security, not so much investment
- Inflation is possible because of the amount of money that is being printed
- 2010 housing starts are parallel to 2000, during dotcom crash
- 2008 US financial system collapse prevented an oversupply of housing inventory in Metro Van; developers were unable to get financing leading to constrained supply
- Developers are designing affordability and smaller suites
- Luxury market is not receiving further supply until 2014-2015
- Resale homes will rise in value of up to 2% immediately following HST, as demand for new homes falls and resale homes rises
- Surrey and other suburbs will be relied upon for affordability
- Sustainable development is no longer a marketing angle and will become usual
- “Everything is really really going to be alright.”
First published at MannyBahia.com. Manny Bahia is a Realtor with SRS Westside Realty.