Vancouver Real Estate Market Ranges From Stable to a Seller’s Market, Experts Say

Since the real estate market crash in 2008, it’s been a somewhat rocky road for the real estate industry in Canada, but how rocky that road is depends on where you’re living. The Vancouver market has really done quite well to recover, taking only around two years to bounce back to the all-time highs that were experienced just prior to the crash, and now average home prices are hovering around that level. So, what is the current outlook for the Vancouver market?

Vancouver Real estate experts are expecting to see modest increases in home prices and with it being a hotter market that is likely to happen. As sellers hold on to their real estate for the right buyer and as buyers are desperate for any property that has actual solid land underneath it, detach home prices are skyrocketing. Condos and exclusive one level apartments will always be in demand in Vancouver, but the biggest increase can clearly be seen in the surrounding neighborhood of Vancouver’s most expensive locations.

The current rate of SOLD homes in Vancouver has stayed right around 14% and expected to stay there for the duration of the year. In a market that has always been hot 14% is still a decent number for investors and sellers. It looks as though 2014 will bring a stable market to the doorsteps of both buyers and sellers and this will have a direct impact on how Vancouver’s real estate market will grow in the coming years. New growth, less off shore investors, and more locally owned homes is good thing for the city and will have a positive impact on residents throughout Vancouver.

The new numbers for Vancouver’s 2014 Real Estate market are just now coming out. January was a solid month for growth with numbers staying around the same as the high mark of 2013. However, experts are expecting to see more growth as the months roll by in 2014. According to Vancouvermarketreports.com markets are currently 12% less than the same period in 2013, but this does not mean a slide in the housing market is taking place. In fact, the numbers of last year were greatly influenced by a spike in new buildings and detached home sales (numbers which do not fluctuate as much as other real estate prices). This year, sales of condos and new projects are expected to be the main push for real …

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Important Vancouver Real Estate Trends!

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 …

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