The Vancouver real estate market has been booming for the last few years, and this is not just a trend. It's something that will continue to grow as long as there are people looking to live in one of Canada's most beautiful cities. The increase in demand, however, means it might be time to take advantage of property values before they go up any more. This blog post will provide you with an analysis of the current housing market and predictions for what may happen next.
As a Vancouver realtor with over 33 years of experience selling on average 2-3 detached homes per month, it's safe to say Vancouver real estate is here to stay.
Will pricing go up or will prices go down? What's the best prediction? This Vancouver realtor knows that value will always remain in Vancouver real estate.
Vancouver real estate is a very hot commodity
What will happen to the market in 2021? This Vancouver realtor thinks that prices might go up, but they also may stay level or even drop slightly before going back up again. There's no way of knowing for sure since it all depends on what people are willing and able to pay for detached homes.
Detached homes plus Vancouver condos plus all fashion of real estate in the city adds up to a lot.
The market is most definitely high demand and low supply, so it's anyone's guess what will happen next! If prices continue to go up every year at this rate for another five years or so, I think we can expect them to level off slightly while people catch their breath for the next leg up.
However, it's not all rosy. If prices continue to rise at this rate for another five or ten years without a break in supply or drop in demand, many people are going to be priced out of the market entirely and will either have to relocate their families elsewhere--which can come with its own set of problems when you factor in Covid. What effect will Covid have on real estate? No one really knows what effect Covid will have on real estate, but I think it is safe to say that they are going to have an impact.
In the meantime, if you're looking for a house or condo in Vancouver and need a trusted Vancouver realtor, work with the best - work with team Paul Eviston.