My overview and expectations about the condo market in Vancouver. In 2015-2016 we saw how the detached house market had a very big rise in price and in 2017 the Condo market caught up with about 20% increase. In 2018 we will have a very interesting situation when there will be parts of the market that will be going up and some, especially the luxury market that will be correcting in price. Some of the most important factors are the new development that is starting to catch up with the demand, new bank mortgage regulations, foreign buyer tax, a big shift in lifestyle towards smaller places, downsizing of the older generation and the flux of new immigrants and foreign buyers. We can reasonably expect that most of these will continue pushing the prices up in the condo market.
I get asked a lot where is a good place to buy. When it comes to the location it is always a good idea to bet on city centers, with all the amenities, lifestyle, and transportation. Downtown Vancouver it is not the only option, also Burnaby, Surrey City Centre, Coquitlam… depends on the budget there is always a number of locations that are trending at all times. Also, a good strategy is to follow the big developers, when you can find out early about their plans, you can capitalize on the increase in the value of that neighborhood.
Always a hot topic is Affordability, very complex issue and that's why the government is struggling. It is pretty obvious at this point that the supply and demand are not the issues anymore. Because the taxes are high and the life is really expensive here in Vancouver most of the people can’t afford not to invest in real estate, that turns the market into a very attractive wealth building tool. Vancouver is one of the most desirable places to call home, so if we want to be able to afford to continue to live here we have to join our efforts to come up with some smart solutions. In the meantime, there are always opportunities to start investing.
We can't expect to do the same actions and expect a different result, I believe that extraordinary results need extraordinary efforts and solutions.
Here to help...
You can see the full report here full report Here