As per the Canada Mortgage and Housing Corporation, Metro Vancouver home prices have been falling seven to eight percent since June 2018. If you are someone who wants to buy a home in Vancouver but cannot due to skyrocketing prices of the real estate, this article is for you.
Vancouver Real Estate is Currently Vulnerable
A recent quarterly report on the housing market in Metro Vancouver suggests there is a high level of uncertainty in the real estate industry. Still, prices are falling, and stock is up, which means investors can consider buying the houses to take benefit of this vulnerability in the market.
As per the Canada Mortgage and Housing Corporation (CMHC), growing property prices in the area have calmed down since the peak of last June— about seven to eight percent— whereas the overall economy has continued to grow.
This evaluation of the real estate market is a warning about real estate market flaws. The level of disparity among home prices and the local economy is smaller than it has been at any time in the last few years. As per CMHC, over the last two years, the stock of houses for sale in Metro Vancouver has been around 400 properties, but now they are equivalent to 1,100 active listings for multi-family units. They reported that it's still really small compared to the population of Metro Vancouver, but that means buyers have more options in the market to buy the house they want.
March Home Sales
It is an incentive for the buyer in many aspects to discover further possibilities, and also to take their chances to make purchases and place special conditions on that deal.
Yet buyers should be cautious while investing in the Metro Vancouver real estate market, according to Experts. They said that the majority market risk has to do with how much money people have invested in buying the houses that they already own — and lower prices won't change it right now.
If you need help from a Vancouver top realtor with over 30 years of experience, contact Paul Eviston.
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