Vancouver Real Estate Growth Will Continue in 2022

Vancouver has slowly built its reputation as one of the most stunning cities in the world. As California seems to be losing its charm, foreign investors are getting more attracted to new locations like Vancouver and BC (Kelowna). Investors from Asia are investing heavily in these locations. As a result, the real estate demand and prices are rising, and the forecast for Vancouver real estate is getting better and better.

Some of the reasons that make the Vancouver real estate market so attractive are moderate climate, city modernization, many sunny days, appealing mountain vistas, tourism, high-tech center growth, and neighboring mountain recreation areas.

The Projections

According to projections by Central 1, sales will reach 7,000 across the province and lower by 4,000 in the Lower Mainland. Home prices might increase by $32,000 next year on the lower mainland and increase by $22,000 province-wide.

The average benchmark home price has increased considerably to reach $1,186,100, which is up by 13.8% from 12 months back. When the pandemic ends, the home prices will go up again as new developments won't happen at a rapid pace which is needed. The demand for rentals is also rising, so the development of the rental sector is also needed.

Comparison with Stock Market

The home prices in Vancouver have doubled on average in the last decade, but it's meager growth when you compared it with the gains in the stock market over the last decade. Still, anyone who wants to sell their home in Vancouver will get a great return. So, if you own one, you might want to sell now to get a handsome profit.

With time, Vancouver has become the priciest housing market in Canada. The more condos and duplexes are built, the faster they are occupied, and the higher is the demand for more.

The Laws

Justin Trudeau wants to pass laws that would discourage foreign buyers from purchasing homes in Vancouver. It is planned because they already have too much of it. However, it might be smart to encourage foreign buyers to purchase homes in Calgary or Okanagan.

The Bottom Line

The rising property prices have increased Vancouver's prosperity immensely. It is the reason why it is doing better than other cities that earn their wealth through other production lines and that too at a slow pace.

According to predictions, the Vancouver housing market will also benefit from post-pandemic euphoria. The resumption of international trade and the return of international students will increase the demand further in the last month of 2021 and even in 2022. Students usually fill condo vacancies in Surrey, Richmond, Point Grey, Burnaby, and other neighborhoods. They would do the same, which will help Vancouver's economy get a big boost.

Experts think that things will be as good as they were in 2015 before the US presidential change. Realtors are even comparing 2021 to 2015 and hoping for more growth and prosperity for Vancouver in the near future.







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