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 estate.
Of course, it is not just the amount of home prices that are fluctuating, so are the type of buyers Vancouver is enticing. According to experts, the buyer profile for Vancouver has shifted dramatically away from off shore buyers and towards local residents. It seems as though individuals from neighboring cities and states are taking an invested interest into moving to British Columbia’s most expensive city. Although the market is hot for sellers, buyers are still more interested than ever to receive their piece of prime Vancouver real estate and it seems as though no price is too much.