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Instead, by the end of 2021, the Canadian Real Estate Association's House Price Index had risen by 26.6%, the fastest annual pace on record. [50] Condominiums accounted for the bulk of new housing in BC (54%) and Ontario (59%), [ 51 ] and investors constituted an increasing share of the buyers of these units (41% in Ontario).
Bill 28, the Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, is a British Columbian law that came into force on August 2, 2016. The law was introduced after calls urging the British Columbia provincial government to intervene in the housing market and curb foreign investment that was seen as a major contributor to the rapid rise in home prices.
The neighbourhood's residents have an average annual household income of $111,566 ($777,184 in Shaughnessy Heights) and the average house price is $2.89 million, the highest in Vancouver. [3] [4] It is also the site of many historical homes, especially in First Shaughnessy.
During the pandemic, in February 2022, it was reported that the Canadian housing market was experiencing an unexpected boom with record-breaking high prices, combined with historically low interest rates and a decreasing supply of real estate. In both 2020 and 2021 real estate sales records were broken.
The BC provincial government has stated the a total of $5 billion of laundered money from China had been used to purchase real estate in BC raising the prices of Greater Vancouver home prices by up to 5%. [159] For the past 5 years from 2012 to 2017, Vancouver housing prices surged 60 percent. [160]
The City of Vancouver uses neighbourhood boundaries to break up the city's geographic area for delivering services and resources. The 22 official neighbourhoods are as follows: [1] Arbutus Ridge - Located in the middle of Vancouver's west side, characterized by tree-lined streets and heritage homes with large lot sizes.