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.
Source:
https://gordcollins.com/real-estate/greater-vancouver-housing/