Vancouver being a city with gorgeous mountain views, crystal clear water, and a perfect place to engage yourself in outdoors activities and adventure, the real estate business is not welcoming especially for the middle class family. It is a city where even the most well off individuals or families are wondering about the cost of living in Vancouver. For example, for you to move in a two bedroom detached house in the city of Vancouver, you must be in a position to part with an average of $929,000; literally, it means you will have to part away with nearly $1 million just to live in a traditional home within the city of Vancouver.
This does not mean that Vancouver can be the best place for real estate investors to invest in due to the sharp ascent of real estate prices. In fact, some experts have predicted that by the year 2014, the real estate prices in Vancouver will ‘level out’ meaning that most people will now wait till that time to buy a home. To some extent it will be an advantageous for potential home buyers but a blow to the Vancouver real estate investors. To learn more about real estate investing, visit toddconner.com.
Because of the welcoming arms of the Vancouver government towards foreign investors to explore the market opportunities in real estate industry, Vancouver city has recently become on a high demand. This process has compromised the livelihoods of many of the middle class and ‘average’ families. Their rights are override and are also subjected to tremendous increase in home prices in Vancouver. Many families are forced out of the city because they cannot meet the imposed requirements by these foreign investors as well as the changing environment in terms of lifestyle.
Premier of British Columbia has shown how hosing market in Vancouver is becoming a good thing especially for buyers when the prices are low and the housing market starts to rise. In addition, recent research have also revealed that the there is a decrease in the selling of condominiums in Vancouver. More reports on Vancouver real estate have shown in recent years that the real estate industry has become less favorable. The feedback of both the Vancouver government and the real estate companies’ figures reveals a different story for Vancouver compared to other countries; Vancouver has historically experienced an average of listing and selling of homes over the past years. It is also hard for one to settle down in Vancouver due to the annual average home price increase, but it is good for potential investors to give it a try.
During the third quarter of the year 2013, Vancouver was very profitable and the prices for homes had increased by about 5.6% as from the year 2012. The costs of condos, bungalows and 2-storey houses had tremendously rose winning confidence of the potential buyers in the market. On the other side, home prices had also reduced which made many buyers to purchase homes more than they did in the past two years. Still predictions for the home prices in 2014 shows a great decrease in their prices which was also experienced in the year 2012.