Vancouver real estate properties is the best throughout Canada and is known as one of the brightest and best markets. Recently, the home sale prices have soared to record levels, and are pacing the entire country with its robust economic growth. The real estate market of Vancouver is expected to continue as a seller's market while anticipating a healthy supply. Low-interest rates will impact the housing and buyers are seeking suburban area’s properties.
It represents an average sales price of over $700,000 which is an 11 percent increase from the last year. For a detached house, the average price is $1.9 million, and if the trend continues the average price will rise to $4.4 million by 2030.
There is seen an increase in the attached homes and apartments of 6.4 and 4.6 percent recently. Besides, this city is considered a great place if you want to invest in real estate.
But what about the COVID-19? Hasn’t it impacted the real estate industry?
Despite many questions, Vancouver is still the number one market and while it is not immune to the pandemic, it continues to be an attractive place to do business or to live.
A Vibrant City
The real estate professionals are optimistic about the future of Vancouver and say that it will continue to be a city where people will want to live.
Most of them among those are immigrants, who fueled the demand in the housing market. Conference Board of Canada (CBoC) forecasts that the net migration will rise each year.
Incomes are rising quickly showing strong economic indicators and the projected growth income is 6.6% in 2021.
Besides, a total of 3,727 homes were sold in the month. Townhouses experienced a significant jump with an increase of 82% compared to Feb. 2020.
Need help? Let top Vancouver realtor Paul Eviston help.