Above is the list of world's unaffordable cities from Demographia's 2013 list.  Vancouver in second place, while Hong Kong is the top most unaffordable city, while London in thirteenth place.

With Canadian cities, especially Metro Vancouver becoming infamous for unaffordability in regards to real estate, some voice has been added to those asking the federal Conservative government to collect data on the influence of investors - foreign and otherwise - on the country's housing market.

Media reports also mentioning London. England has becoming badly distorted by ultra-wealthy foreign owners, referred to as "non-domiciled residents".  The influence of such buyers, including Russian tycoons, is said to be causing London's housing prices to "lose touch with reality"/

If that's what the British media are saying about London, I wondered what would they say about Vancouver, which Demographia judges the second most unaffordable city in the world next to Hong Kong....?

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According to the latest housing market outlook by CMHC (Canada Mortgage and Housing Corp.), existing home sales are expected to rise 8% next year due to BC's pick up in economy that is associated by jobs increases in 2014.

The CMHC also reported that the demand for homes next year is expected to ride the momentum of a rebounding market and post some positive gains.  There is also an  increased demand for B.C. goods key export markets that will improve the economic prospects next year.

Housing starts will be good.  However, it wasn't expected to rise substantially in 2014.  CMHC also forecast 18,200 new housing units this year and 18,400 units in 2014.

Mortgage rates are expected to rise marginally next year, but CMHC mentioned that the suggested lending rates will remain "supportive" for the housing market given rates remain low by historical standards.  By the end of 2014, CMHC is forecasting the one-year posted mortgage rate to rise 0.25% from 2013 levels to between 3.25% and 3.75%, and the five-year posted mortgage rate to rise to between 5.25% to 6% from between 5% and 5.50% in 2013.

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"Mount Pleasant community is definitely changing,  gone are the days when you are afraid of renting or buying a ground level condo especially if you are a woman, nowadays, it's more of yuppies who live in these neighborhood" these were the words I gathered from a Mount Pleasant resident.

 

Mount Pleasant is a hip, vibrant and awesome community, people are friendly, the community thrives to be different, either thru expression of art as seen on the streets of St George st, community gardens with a shed for art exchange, or thru the latest buildings, could be heritage or totally modern look establishments, restaurants, etc. There is a multi-culturalism that is happening and yet it complements and blends in this eclectic neighborhood.  

 

 

Mount Pleasant East stretches from Main to Clark Drive and from Great Northern Way and E2nd Avenue to e16th and Kingsway.  It used to be a working class neighborhood but has undergone gentrification.  There is a migration of people from popular areas such as Kitsilano and downtown Vancouver to this neighborhood.  Single urban young professionals, young or starter families and some retirees are what composed this community.  

 

 

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