Anyone living in Vancouver knows that all real estate market is very different from any other Canadian city. The desire for everything new and innovative makes our local architecture and our real estate trends very distinctive. However, if you’re planning to purchase property in Vancouver, get a Vancouver real estate agent and you have to be aware of local trends in order to make a smart purchase. Here are some of the trends that define Vancouver real estate today.
Out with the Old, in with the New
Because Vancouver is a newer city, there is less of an appreciation for heritage residences. Almost every day, newspapers advertise the demolition of older buildings in favor of new condos. This trend is only getting bigger and bigger in Vancouver. If you plan to live in Vancouver, it will be very hard to find older apartment buildings, which generally have larger spaces and more affordable prices. Instead, you will probably be looking at newly developed condos with less room and higher price tags.
Be Prepared to Pay
Most other Canadian cities have neighborhoods and regions that vary in price. For example, you can choose between more expensive areas and more affordable ones. While this trend does exist in Vancouver, the general price point is decidedly higher. A “cheap” residence usually costs around $1 million dollars and often you are paying more for the land than the house itself. And supposedly that time, the run-down places such as Main Street and Commercial Drive are now expensive just like the upper class level neighborhoods in nearby cities. So, if you want to live in Vancouver, invest in Vancouver and be prepared to pay.
Longer Waits for Houses
Normally, a family will have to go through one or two “starter” homes before they can afford their ideal house. Due to high prices, Vancouver residents usually have to go through two to three apartments and then another two houses before they can upgrade to their dream home. This is just a reality for a city that has higher than average property prices.
The Suburbs are the New Hotspot
Because Vancouver has become very unaffordable, many young people and new families are choosing to live in the surrounding areas of Richmond, Burnaby, New Westminster, and Surrey. This large influx of young individuals is turning the suburbs into trendy and hot areas. Businesses are becoming younger and hipper in order to accommodate these new residents. This means that the suburbs, which are usually considered a real estate consolation prize, are fast becoming the hottest places to live.
There is no doubt that Vancouver is one of the best places to live. However, residents have to be prepared before purchasing a home. Get to know the city and the local Vancouver real estate trends before investing in anything. You’ll be grateful in the long run. More details here: https://www.forbes.com/sites/forbesrealestatecouncil/2018/08/16/13-evergreen-real-estate-tips-that-hold-true-in-any-market/#369c2d185a50
It’s always best to keep up and understand the market you’re looking to invest in. If you’re interesting in buying a home or the perfect townhouse, I urge you to contact one of my good friends and Vancouver real estate expert – Mr. Sharp!