Vancouver real estate has experienced a slower year in 2012, with a softening of prices but the Vancouver real estate news has been more positive recently, forecasting a rise in sales in 2013 and CHMC forecast a small uptick in Vancouver home prices next year. Ozzie Jurock always says that people go where the jobs grow and people with jobs buy real estate! As for the affordability factor, Tsur Somerville of UBC says we’ve been priced above the affordability factor for over 25 years! So let’s consider four reasons to be bullish on buying Vancouver real estate
What are B.C.’s New Investments?
- The US housing recovery will be good for our lumber exports which we also export to China and Japan
- Enbridge’s planned pipeline, if approved
- BC Hydro’s is building a new hydro line from Terrace north
- LNG plant approved in Kitimat and one for Prince Rupert is proposed
- David Black wants to build an oil refinery in Kitimat, which would be the largest in Canada
Why Is It a Good Time to Buy Vancouver Property?
We never know when the Vancouver real estate market has hit bottom, we only know in retrospect and few people are lucky enough to hit the top or the bottom. It’s a good time to buy a Vancouver home now because first time buyers have the advantage of low interest rates and lower prices. When prices fall, trade up buyers benefit as the price gap closes. Lower prices benefit Vancouver real estate investors. A cooling from Asian buyers results in a healthier market, returning to increased rationality and lastly, the selection at present is great, allowing buyers to find the right Vancouver property, without competing in multiple offers. Be sure to select an experienced realtor to guide you through the process efficiently!
P.S. I am your Vancouver real estate condo realtor! Hyper-local info and decades of experience!