January 07, 2012
A Great Year
In a challenging year for the global economy, Vancouver once again emerged as one of the safest and most desirable places to live and own real estate.
Year in Review
2011 was a busy year at Polygon with more than 1,375 families making the decision to purchase a Polygon home – it was our third busiest year on record as we were active in almost every city in Metro Vancouver.
Many highly anticipated communities were launched and well received by homebuyers, including Chancellor in Metrotown, which sold out in 24 hours, and our new master-planned community of Westerleigh in Abbotsford. In East Vancouver, we launched New Water, the first apartment residences in Vancouver’s newest shoreline neighbourhood, the River District. And at Celadon, our first high-rise in Coquitlam Town Centre, we’ve sold over 100 homes since opening in October.
From UBC to the Fraser Valley, our team continues to work hard building quality homes for the people of Metro Vancouver.
A Sound Investment
We witnessed significant global economic turbulence in 2011. Despite this, an investment in Vancouver real estate proved to be a wise decision. In fact, while the TSX index experienced a negative return of 11% in 2011, many neighbourhoods in Metro Vancouver enjoyed double digit rates of appreciation, as evidenced by the significant increase in 2012 property assessments.
As global markets continue to fluctuate many wise investors are diversifying their portfolios to include real estate, and it is expected this trend will continue in 2012.
Home Prices Trending Up
In many markets in Metro Vancouver there is a greater demand for housing than we are currently able to supply, leading to upward pressure on home prices. Many regions of the Lower Mainland experienced significant price gains in 2011.
We expect many neighbourhoods in the outer suburbs of Surrey, Langley, and Coquitlam to see stronger price appreciation as these areas “catch up” to the gains made in many inner suburbs.
We are lucky to live in Vancouver, one of the most naturally beautiful places on earth. People from all over the world – particularly the Pacific Rim – continued to flock to our province, and experts predict we will continue to see steady immigration throughout 2012.
Interest Rates Steady
We were fortunate to enjoy historically low interest rates throughout 2011. In the face of economic uncertainty in other parts of the world, the Bank of Canada held rates steady; a decision which proved effective in maintaining Canada’s strong economic position and created real opportunities for local home buyers.
With the Bank of Canada suggesting they will maintain this strategy for the near term, home buyers will continue to benefit from extremely low mortgage rates, creating affordable buying opportunities well into 2012.
Confidence in the Future
As we move into 2012, we remain optimistic on the prospects for the future. Having built more than 20,000 homes since 1980, we have never been more confident in our ability to provide quality homes in the best locations in Metro Vancouver.
Of note, this year will be the start of a new master-planned community in the South Surrey/White Rock area. In addition, River Walk, a collection of executive townhomes at the River District will come to market in late Spring. We will also start large scale high-rise communities in Richmond and Burnaby.
On the strength of a tested and proven foundation combined with sound market conditions, it’s a great time to secure your spot in the world’s greatest place to live.
Visit a Polygon community this weekend and we’ll help you find the new home that’s right for you.
President and Chief Executive Officer, Polygon Homes Ltd.