Vancouver real estate is surging upward and the prices are predicted to rise 4% this year.
The seller’s market of Vancouver is anticipated to proceed higher in 2021. An effective supply is expected for the downtown core and low interest prices will proceed to influence the housing activity.
The buyers this year are foreseen to buy bigger properties in the suburban areas instead of downtown core.
The average sales price in Vancouver increased by 11.4% in 2020 as compared to 2019.
In 2021, it is foreseen that Vancouver real estate price will increase up to 4%. As the housing prices are increasing and so are the Vancouver real estate agents' prices. Vancouver realtors are also touching the sky this year which makes it difficult for a common person to buy a house in Vancouver.
Who’s Steering Demand for Vancouver Real Estate?
Move-up buyers are the ones who are currently steering anticipation in the Vancouver real estate market. Move-up buyers go for the single-detached residences - the reason these properties are in a surge.
Moreover, people who are first-time homebuyers in Vancouver are typically the ones who buy single homes and they look for condos usually. Condos prices range from $400,000 to $500,000.
And due to rising prices, it is harder for first-time buyers to buy condominiums in Vancouver.
The surging prices have made it difficult for the move-up buyers as well to make a purchase this year. Vancouver is a strong market and it is getting more strong in 2021.
Vancouver New-Home Construction
The new home construction in Vancouver is getting stronger from the past 4 months owing to the surge in the seller’s market.
Quick Cue: Know that Vancouver's home construction was halted in 2020.
As the new homes are being constructed this year in Vancouver, so are the prices that are increasing and meeting the high sky.
Such a new construction of the homes in the real estate market in Vancouver has been solidifying over the prior few months of this year. Hence, the overall housing market has become powerful and significant. And guess what? This is anticipated to keep going for the next months of 2021 (hoping till the end of it).
The Bottom Line
Now that you know that Vancouver real estate is surging upward this year, make sure you have enough budget to pay for all the expenses if you’re purchasing in this region. That is.