As a metropolitan city, Vancouver has one of the hottest real estate markets in Canada. From the booming technology and film sector, to the vibrant waterfront scene, Vancouver has made a name for itself as a top urban centre to live in. As one of the world’s top cities, it’s clear why it’s so expensive to live in. The city’s rising population is wildly outpacing development. There are a number of things to keep in mind if you’re thinking about buying Vancouver real estate.
5 Facts About Vancouver Real Estate
- The liveability factor: In 2018, Vancouver was ranked #5 in the world when it comes to quality of life. This comes as no surprise, considering that the city’s rich culture and urban amenities such as transit and bike lanes contribute to the great level of liveability offered here.
- It moves fast: Thinking about buying Vancouver real estate? Act fast and come prepared. The housing market here is so fast-paced, it’s best to get your paperwork in order first so you can jump on any opportunities right away. Whether you’re renting or buying, it’s a competitive market.
- The condo market is the most affordable: In October 2018, Vancouver’s condominium market exited a seller’s market due to higher inventory levels. Condos are Vancouver’s most affordable property type, attracting many young professionals who work in the city’s core.
- Government regulations have affected prices: In an effort to cool down the market, the B.C government implemented a 15-per-cent foreign buyer’s tax in 2016 and a speculation and vacancy tax in early 2018. Shortly after these taxes took effect, activity picked up amongst Vancouver real estate buyers, who were now able enter the market thanks to the new regulations.
- The neighbourhoods are vibrant: Vancouver’s many neighbourhoods have distinct cultures and flavours, giving each area its own unique small-town feel in what is one of Canada’s largest cities.
Keeping these five facts in mind will help your decision making process even easier if you’re interested in buying Vancouver real estate. As one of the most liveable cities in the world, there’s no doubt that investing in the housing market will reap great long-term benefits for years to come.