Vancouver city, southwestern British Columbia (BC), Canada is a major urban center of western Canada. It comes in the list of most populous metropolitan regions. Vancouver lies between Burrard Inlet to the north and the Fraser River delta to the south, opposite Vancouver Island.
To initiate the process, let’s figure out the latest market trends and real estate predictions for buying affordable east vancouver homes. business developers, purchasers, and vendors. People like to invest for long-term in real estate. While in the hot residential market, a new interest-free loan for first-time home buyers and a tax for foreign nationals continue to dominate the headlines. Leaders in the industry are as thrilled as ever for the earnings that B.C. has to offer investors.
If we research the scope of real estate in the area, it is growing in residential and commercial domains rapidly. At the same time, a hike in the price is clearly visible. The expectation of real estate agents has gone up. The doors are open for the outsiders too.
In this post, you can check out these tips to purchase the best property in the prime locations of the city of Vancouver, BC.
Equal Opportunities for the locals
A great characteristic of the Canadian real estate market is that its open for everyone. You can buy your home in any street and in any prime location. This is a true benefit for non-natives in Canada. Vancouver is the second choice after Toronto in Canada where people from all over the world like to settle down. Here property rates experience high fluctuations and can change within 6 months.
As there are ample job opportunities, the residential areas are growing and there is a new scope for real estate business in the city. But it is crucial to remember that whenever you are making an investment in property look from a long-term perspective.
As per the location of the city, it is well connected with the western British Columbia and comes under the most developing areas of the region. This is the key reason for the real estate agent being interested here. Also be sure to look at realty services for assistance.
The stress test
It will be more difficult to become a homeowner this year. As of January 1, a borrower with uninsured mortgages (those putting a down payment of 20 per cent or more) needs to undergo a stress test. They must qualify at a new minimum rate: the greater of the Bank of Canada’s five-year benchmark rate of 4.99 per cent, or 200 basis points higher than their mortgage rate. These new rules could reduce your purchasing power substantially.
Demand for rent is always high
Vancouver is a place where mostly working-class people or mid-aged people stay. They possess the buying capacity. The youngsters believe in buying rental properties or ready to move-in combos which maintain a hike in the property market.
The investors buy good properties and then convert them into rental properties which give them return value or money which they have spent for buying the house within comparatively less time.
In a way, this proves to be a faster way to get profit from buying the house. Many people at their young age like to save money this way. As Vancouver is one of the growing areas of BC, it is a good place to invest for rental purposes.
Another benefit is the low property taxes in Canada that are around 0.025%, there’s no better place to park your money than in Vancouver.
Historical trends
One of the major reasons for people’s increasing interest in buying properties in Vancouver is USA’s falling economy. Thus this decreases the safety of staying in the United States. Moreover, due to restrictions of the US government, outsiders are no more interested to settle down in the US.
The Canadian government has realized this fact at an early stage and provided many benefits for buying property in Canada and especially in Vancouver as it is nearby the commercial market of the US.
If we consider the fact that in near future property value doesn’t increase as per the expected rate in the Vancouver city then also there are no signs of property value declining in the city. So, it will be a well-thought investment plan for you to buy a residential or commercial property in Vancouver city.
If you are interested, then why don’t you consult a property agent to check out these tips to buy property in Vancouver, B.C.
Market trends depict that if you purchase a property in the Vancouver city, the value is going to get doubled in the next ten years. One of the leading real estate firms of the city suggests purchasing single-family homes for earning more profit.
Real estate Investment is The Best One
Long story short, there’s a reason why real estate is historically one of the best kinds of investments you can have. It’s always a good idea to keep an eye on how the market behaves. But never lose sight of the big picture when deciding when to invest.
Even in formerly deserted markets such as Toronto and Vancouver, sales are improving and price growth is decelerating. For prospective home buyers sitting on the sidelines waiting for your opportunity, this may be it.
Following are a few predictions from top real estate agents regarding the property market of the Vancouver, BC;
In the near future, Canada’s large realty authorities declared 2019 as the “year of the condo.” This is becoming the first choice of youngsters in Vancouver city. These are also called as the low- price houses that are affordable and available in the prime locations of the city. One of the benefits is that everything is available at walking distance.
The price of a home in Canada increased by 10.8 per cent year-over-year and expected to rise further. More than the price of big bungalows and the trend is going to remain the same.
In its latest Housing Trends and Affordability Report, RBC Economics says overall Canadian housing affordability, is rising as compares to other parts of western BC region.
Conclusion
As we take an insight into the real estate vision on the property buying in Vancouver city, it seems to be a good deal at present and in the coming times. If you want to purchase a house for settling down then it is of course a necessity otherwise from an investment point of view, buying a single house or condo in one of the prime locations of Vancouver city is a profitable deal. So what are you waiting for? Quickly check the list of top real estate firms and look for the best deal of residential or commercial property.