Spring 2012

Despite the global downturn, it’s been interesting to observe the rebound in our local economy. Our community’s transition to a knowledge-based economy has been remarkable. Nowhere has this transformation been more evident than in the appreciation of local real estate. The 8th annual Demographia International Housing Affordability Study shows we’ve moved from the most affordable housing market in Canada (2009), to number four – with an average home price of $158,800. At those prices, accommodation is still “affordable” according to the report, but edging closer to “moderate” affordability.

With homes being the largest single asset most of us have, it’s nice to see a little appreciation in value. The downside is new home buyers are challenged by this new reality that includes big city bidding wars and the disappointment of not being able to purchase their first choice in a home.

In this issue, Bayview examines the new reality in local real estate and the resulting challenges facing buyers. Plus, read about the art gracing our waterfront and the people and events that are making our city spectacular this spring.

Enjoy!

Sincerely,

Dorothy Christie,
Publisher