Is Vancouver in a Housing Crisis? Let's Find Out

The housing trends in Vancouver are cautiously optimistic, and the housing market is coming back to balance. The difference-making price for assets supervised by the Real Estate Board of Greater Vancouver fell below one million dollars for the first time since early 2017.

What if Prices Keep Falling?

If house prices keep on falling for a longer time, the discussion would never be ending. After the real estate statistics were released, it depicted the lowest house sales for June since 2000. It’s agreed that Vancouver real estate was still facing a housing crisis. But a set range could not be set to it. Many pre-sale buyers are backing out of contracts for condos. A condition in 2014 appeared when real estate prices were 10% to 30% lesser than they are currently. It represents the end of the crisis, but it doesn’t' provide a solution to all the affordability problems.

It can only be said that crisis is over, only when the people stop encountering this crisis in the housing system. Justin McElroy observed that average prices of a Greater Vancouver real estate have amplified in the past six months as it did from 1980 to 2006. This shows the sudden the rise in the prices suddenly. Whatever the government plans for the long-term, Vancouver is going to be a tempting place for people to find jobs. The monetary problems related to the housing affordability are likely always to remain a problem.

Rental Market

The rental real estate market faces the most critical affordability issues. Sinces low-income people fight the most with affordability, and they're most prone to rent a house rather than own it. As the vacancy rates remain low, changes could be in a transition. This is because the government have been constructing rental stock and affordable housing at levels that haven’t been seen for long. Greater Vancouver recorded the lowest real estate sale in June comparing nearly 20 years.

It’s hoped that the end of the crisis it won’t be an end to current government subsidy and incentives for below-market housing! If you have any further questions let Paul Eviston, a top vancouver realtor help.