The Vancouver market has been a hot topic for quite some time now, and the latest numbers just confirm the frenzy. According to the Real Estate Board of Greater Vancouver’s (REBGV) July statistics, there were 7,965 home sales recorded in July, which is a 13% increase over June and an 8% increase year-over-year. In general terms, this means that prices are rising at a steady pace and will likely continue to do so for the foreseeable future. This news makes Vancouver the leading real estate market in the country and is yet another of many hints that the market is completely out of control. This isn’t a matter of supply and demand anymore, it seems, but rather an issue of supply not being able to meet demand. The REBGV did, however, attribute these strong sales numbers to a low inventory and heightened interest in home ownership. In other words, there are very few homes for sale in key areas such as West Vancouver and Coquitlam, which means that many potential buyers are focusing their search on those specific neighbourhoods and are thus pushing up prices even further.
The average price for July was $1,058,400 – a 12% increase over
Why are prices increasing?
There are many factors influencing the Vancouver real estate market, but one of the most significant is simply demand. The population in Metro Vancouver is growing steadily, and as more people move to the city, they need places to live. The law of supply and demand dictates that when there is more demand for housing than there is available supply, prices will increase.
Another factor driving up prices is the low interest rate environment we are currently in. This makes it cheaper for buyers to take out mortgages, which increases demand and puts upward pressure on prices.
Finally, another key reason prices have been increasing lately is because Vancouver is a desirable place to live. It consistently ranks as one of the most livable cities in the world, and its natural beauty and mild climate are huge drawcards. All of these factors together mean that the Vancouver real estate market is currently very strong, and prices are expected to continue to increase in the coming months.
What can you do to offset higher prices?
If you’re looking to purchase a home in Vancouver, you may be feeling the pressure of increasing prices. While it’s true that prices have been on the rise, there are still plenty of ways to offset these higher costs.
One way to offset higher prices is to buy a fixer-upper. By purchasing a fixer-upper, you can get a great deal on your home while also adding value through your own renovations. Another way to offset the cost of a home is by looking for homes outside of Vancouver’s downtown core. While prices in downtown Vancouver are high, you can often find more affordable options in the surrounding areas.
If you’re looking to purchase a home in Vancouver, there are still plenty of ways to offset higher prices. With a little creativity and research, you can find a great deal on your dream home.
What does this mean for the future of Vancouver Real Estate?
The Vancouver Real Estate market is still on the rise, with prices continuing to increase. This is good news for those who are looking to sell their home, but it does mean that buyers will have to continue to compete for properties. This could lead to further price increases in the future, so it’s important to stay up-to-date on the latest market trends.
Conclusion
Overall, the Vancouver real estate market continues to trend upwards in terms of prices. However, there are still some areas where buyers can find good deals. If you’re thinking of buying a home in Vancouver, it’s important to work with a experienced real estate agent who can help you navigate the market and find the right property for your needs.
