If you are on the lookout for real estate in or near Vancouver, whether it is a personal family home or a potential commercial property for a business, the wisest thing you can do before jumping into house tours is to investigate the state of the housing market in the region. Here are some insights into the current state of the market that will help you decide if it’s a good time to look at Vancouver homes for sale.
The Impact of Covid-19
The Covid-19 pandemic crisis had a huge impact on the housing and real estate markets globally, and Vancouver was no exception to this. Stay-at-home directives resulted in the shutting down of house tours, discouraging potential buyers from leaping without having a chance to inspect their potential homes or commercial properties. While property showings were eventually permitted by appointment only, much of this included issues due to vaccine hesitancy and complications when house visitors were required to get tested before viewing properties. The crisis also had overarching consequences, such as the fleeing of residents from big cities, and drastic increases in home prices in smaller towns and neighborhoods.
Demand and Supply
Supply and demand essentially means that when a house is put on the market and it is sold, there is a house to be listed for sale to replace it. The normal rate of this transaction shift is three months. During the covid crisis,there was a lack of supply, resulting in a surge in housing prices in larger cities, as well as small towns. Residential property construction decreased significantly, but this was not unique to the Ontario region. Sadly this is the case in all major Canadian cities right now. Demand continues to outdo supply.
Home Trends
The biggest trend right now in home buying is the popularity of condominiums. While the overall condominium market has struggled to stay afloat amidst the pandemic, they are expected to do well in 2022. Prices have stabilized at an affordable level for middle-income residents. Another factor in their popularity is that they are easily built in popular spaces, such as resort towns and tourist hubs, due to the minimal amount of space required.
Things to Know
Buying a new home is an enormous task that takes a great deal of planning, investigation, and commitment. This ranges from the domestic know-how of whether or not the home is suitable to your family’s needs, to the financial implications, the neighborhood’s safety and attributes, and countless other factors. The thing to know about the Ontario market is that property prices, especially in popular metropolitan hubs like Vancouver are forecasted to rise significantly.
The Impact of Immigration
Canada is slated to accept over 400,000 immigrant and permanent residency applications in 2022, and a majority of these are likely to migrate to British Columbia, if they are to follow the relocation trends of the past few years. Demand for housing will rise significantly in Vancouver, where the demand unfortunately outpaces resale availability. The good news is that the preconstruction market is booming, and new homes are slated to go up toa address the need.
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Prices and Sales in the Province Overall
Home prices are expected to rise in the British Columbian region in 2022, but don’t let that discourage you. At the moment there is strong demand for housing, but a rather low inventory. The average home price is expected to rise by only 3%, though it should be noted that this rise is after the whopping 17% rise seen in 2021 amid the assumed-emergence from the coronavirus pandemic crisis.
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When it comes to sales, however, they are expected to take a dip mid-year, which could result in price alterations for eager sellers looking to unload their property. It is best to keep a watchful eye on the availability of houses not only in the metropolitan regions, but adjacent towns where houses are more affordable and still provide access to the city’s features.
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