Vancouver Housing Market Update – Vancouver housing market has been expanding for a while. With home prices rising more than 35 percent since early 2014. The average value of a family home now surpassing one million dollars. Keeping that consideration, it’s essential that you understand the current condition of the Vancouver property market. Which is exactly what this article will cover!
Vancouver Housing Market Update: The Current Situation
There is no denying that the Vancouver housing market is now facing some downturn. Costs are rising, sales are falling, and there is a general concern. So that, if you’re considering buying or selling a property in Vancouver. What does this imply to you?
Jasmohan Singh Bains is a real estate market researcher and analyst. With years of experience in Vancouver’s ever-changing housing market. To understand Jasmohan’s view of the state of a market today now, we sat down with him. What it means for buyers and sellers.
According to Jasmohan, the current market conditions are actually quite favourable for buyers. “Prices have come down significantly from their peak. In those other words, buyers who could have been priced out of the market a few years previously. Buyers have a greater chance of finding a house that meets their needs and price range..” he says.
However, Jasmohan also warns that it’s important to be realistic about your expectations when buying in today’s market. “The thing you seek might not come to pass. But, if you’re willing to take on some adjustments. You will be able to locate. A fantastic house at a reasonable price.” If you’re wanting to sell your home.
Vancouver Housing Market Update: A Brief History
Vancouver housing market has gone through many ups and downs.. Here’s a brief history of the Vancouver housing market, according to Jasmohan Singh Bains.
Vancouver saw economic growth growth in the early 1990s. Which was reflected in the city’s housing market. Prices were rising quickly, and a lot of fresh structures were being built.
There was a recession and a collapse of the real estate market In the late 1990s. The significant price fall resulted in the loss of homes for a great number of people.
Vancouver saw a period of recovery in the early 2000s. The housing market slowly began to recover. However, Costs never reached their pre-crash levels.
The late 2000s saw another housing boom in Vancouver, as prices rose rapidly once again. Another market crash happened following that one in 2008, at the height of the world financial crisis.
Since then, prices have already been continually increasing. But The prices have not yet reached their pre-crash levels. The future path of the Vancouver property market is now very uncertain.
Why Is the Vancouver Housing Market Hot?
The Vancouver housing market is on fire right now. Home prices have been increasing for some times. There’s no end in sight. If you’re thinking about buying a home in Vancouver, you need to know what’s driving the market. The three reasons that make the Vancouver housing market so hot at the moment are listed below.
1. population growth
Vancouver is among the Canadian cities with the fastest growth. There are many people than ever before are moving to Vancouver. And many of them are searching for housing. Housing is in short in supply compared to demand. Which is raising the prices.
2. low interest rates
Rates of interest are at a record low now. Allowing house ownership more affordable than ever.
The high property prices in Vancouver make this especially true. Low rates of interest make it easier for people. To get mortgages and purchase homes. Which further increases housing prices.
3. foreign investment
Vancouver is a popular destination for foreign investors, who are attracted by the city’s stable economy and beautiful setting. These investors often buy property here as an investment, rather than to live in, which
List of Celebrities Who Invest in the Vancouver Real Estate Market
It’s not that surprising. That the housing market in Vancouver is growing. Prices have been rising continuously for years. There is no sign of a down in market. The demand for real estate in Vancouver stays strong. Despite all the talk of a housing bubble. Celebrities aren’t exactly the exception. Past few years, many of them have made investments in property in Vancouver.
Some of the most notable celebrity investors include:
Tom Cruise: The Hollywood star bought a condo in downtown Vancouver back in 2007.
Leonardo DiCaprio: The Oscar-winning actor owns a penthouse. In one of Vancouver’s most exclusive buildings.
Michael J. Fox: The Canadian actor and producer owns several properties in Vancouver. Including a home in Shaughnessy. One of the city’s wealthiest neighbourhoods.
Will Smith: The A-list actor and producer owns a mansion on Vancouver’s prestigious Point Grey Road.
These are some of the famous people. Who have bought property in Vancouver. It’s possible that even more celebrities will follow the trend in future. Because prices don’t seem to have been slowing down.
3 Ways to Tackle the Vancouver Real estate Problem
Vancouver’s expensive housing is a hot topic. Home prices and rental rates continue to rise. While wages remain stagnant. It’s a perfect storm that’s pricing many people out of the market. So what can be done about it? Jasmohan Singh Bains, a leading real estate expert, offers four potential solutions to the Vancouver real estate crisis:
1. build more housing
This is the most obvious solution, but it’s also the most difficult to achieve. The high cost of land and construction makes it difficult to build new housing that’s affordable for everyone. But it’s still worth pursuing, as increasing the supply of housing is the only way to bring down prices in the long term.
2. increase density
Increasing density – Another method to lower housing costs is to develop more houses in a region, or increase density. We can lower the cost per unit and increase affordability for everyone. By having to put up more houses on the a given plot of land.
3. change zoning regulations
The City of Vancouver has already begun to do this, by allowing more density in
Conclusion
Jasmohan Singh Bains is a real estate market researcher and analyst in Vancouver. He has some insights into the current housing market. He says that the market is currently cooling off. But there are still some hot spots. For buyers, he recommends looking in areas like Richmond and Burnaby. And for sellers, he says that it’s a good time to list your home. If you’re thinking about moving soon.
