Daily Market Update

Condos without parking increasingly popular
There was a time, not long ago, that a condo without parking would be a tricky sale. However, times are changing and not everyone who wants to buy a home has a car. Barbara Lawlor, president of Baker Real Estate told Metro News that only about a quarter of her condo-buying clients want parking spots and says it’s an “enormous shift in the buyer’s attitude". An investor of service Uber recently told a conference that millennials in particular are not interested in owning cars; their priority is convenience, and that seems to be reflected in condo ownership. With many condo developments close to transit links or already in city cores, the trend towards parking-free developments is perhaps inevitable. City planners are also keen for developers to cut down on parking spots to boost use of public transport and reduce congestion. Read the full story.
 
Is Canada facing a property insurance crisis?
Climate change will lead to property insurance becoming unaffordable or unavailable in many parts of Canada, according to a new report. The Centre for International Governance Innovation says that the country’s disaster management systems are inadequate. Together with uncertainty, this will lead to added exposure for insurers to the point where they can’t offer property insurance or it is too expensive for many. The report calls for more awareness from government departments, insurers and property owners of risks from flooding and other climate related hazards. In particular householders should clearly understand what is and isn’t covered by home insurance policies. The report also highlights the importance of being insured for securing a mortgage. Read the full report.
 
No decline in consumer confidence for second week
An index of consumer confidence has held steady for the second week in a row. The poll by Bloomberg and Nanos Research shows that sentiment in the Canadian economy was roughly flat for the week to March 13 and, while the sub-index in personal finances and job security declined slightly, there was an increase in the general economy and real estate sub-index.
Some 33.92 per cent of respondents expect house prices to increase over the next six months, while 17.86 per cent expect them to decrease. Read the full story.
 

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COMMENTS

  • by Luisa Fleming 2015-03-17 11:11:53 AM

    Condos without parking? Popular? Absolutely no..... 26 years selling residential properties tells me that the condos without parking are extremely difficult to sell, specially if they are in a high price. They are also difficult to rent. To say that the condos without parking are popular is a false statement, in my experienced opinion.

  • by D. Gouchee 2015-03-17 12:36:04 PM

    I own an income condo WITHOUT parking, less then 5 years old in the heart of Hot Vancouver. It is very easy to rent...but very difficut to sell. That said, I truly believe "no parking space interest" will be a norm in Vancouver in 5-10 years.

  • by Michael Eisner 2015-03-17 1:55:01 PM

    I think that Barbara (Baker Real Estate) statement is a bit misleading. I believe that the only reason someone will buy a condo without parking is the ridicules price the developers are charging for parking spaces. I live downtown in a condo for over 26 years and have been renting a parking space from the developer ever since (cash cow). My building, in particular, has parking but none are available to purchase and for that reason the value of this condo building is much lower ($PSF) than a similar building with parking that can be purchased. Personally, I'll never buy, or recommend a client to purchase a condo without parking (provided it's available). The no parking condo will never become "the norm" which is just an excuse to justify selling a condo without parking.

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