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Vancouver Unaffected by the Housing Slowdown

Global Housing Slowdown

As observed over the past year and this year, the real estate prices shot up in several advanced economies, which is feared to result in a global housing bubble burst if the markets overheat. The high property prices have not been consistent with a stable real estate market.

It is becoming more and more prominent that the housing bubble is ready to burst all over the world. It will cause a major drying up of the real estate market. Governments might have to intervene to regain balance if the circumstances are to follow those of 2007-09 bubble burst.

The pattern of the slowdown can be seen around the world in Knight Frank’s latest Prime Global Cities Index, which tracks the performance of luxury residential properties across key global cities for the period of March 2016 to March 2017. Real estate hot spots like London and its surrounding areas seem to be rapidly cooling down.

 

Canadian Housing Bubble

Though the Canadian house prices continue to surge, especially when compared to other parts of the world like Russia and Egypt, the Canadian property sales have now started to slowly cool down. Numbers from the Canadian Real Estate Association (CREA) show that the real estate market across the country is substantially weaker compared to the same time last year.

 

Canadian housing has experienced a much smaller, shorter decrease in prices during the financial crisis as opposed to a much larger, longer rise in prices during the recovery. When you put this together with the unfathomable rise in housing prices and near-record high household debt-to-income ratios, the Canadian housing bubble looks unstable should the tides turn.

 

Vancouver Real Estate Continues to Thrive

Despite a fall in Canada’s real estate prices and the introduction of a new foreign home buyer’s tax, Vancouver and Toronto show no signs of slowing down. The real estate properties in Vancouver are still expensive and almost unattainable.

 

This rise seems to step from local investments, especially after a decline in investment from China. Though there is a small decrease in the amount spent on high-end homes, it has not created a substantial effect on the overall Vancouver market.

 

Vancouver condos have seen an increase of almost 2.2% per month and are likely to increase further. Rentals are going down as landlords are interested in selling the properties while the boom lasts.

 

The 15% tax on foreign buyers was B.C government’s way to stabilize the increasing property prices. It helped to cool down the heat briefly, but the prices started to increase again after a few months. However, even with the rising prices of properties, Vancouver is becoming an excellent investment city, especially for foreign buyers.

 

Conclusion

Despite the real estate slowdown across the world, Canada is faring better than most and is trying its best to hold its own. One of the biggest reasons for its stability is the rising housing prices in its major cities like Vancouver and Toronto. They have become attractive investment grounds over the course of 2016-17.

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5 Reasons to Move to Vancouver Today

Come, fall in love with Vancouver

Vancouver, British Columbia, is a major Canadian City. Despite a global housing slowdown, the city is still booming and the prices of its houses are still increasing. Undoubtedly, Vancouver is a good city to invest in for housing as well as commercial purposes.

The city has recently seen a large influx of foreign investment from China, despite a 15% tax on foreign home buyers. This shows that Vancouver has tremendous potential and is a great area to move into. Current Vancouver MLS statistics indicate an average house price of $1,146,150 and 1,154 new listings in July 2017. As of August 2017, the Vancouver housing data shows the average days on the market for a home to be 17 days.

 

Here are our top 5 reasons for you to move to Vancouver:

 

So Beachy

Vancouver estate has nine beaches to be proud of. It is a prime location in the hotter months of the year as the cool breeze from the coasts help fight the heat. Be it long walks on the beach with your loved ones or tan dates with your friends, you can have it all! Live in your dream summer vacation beach house permanently!

 

So Hilly

Not very fond of the ocean? Fret not. Vancouver has the solution. There are three ski mountains near Vancouver: Cypress, Seymour and Grouse. Cypress is the most popular of the three for snowboarders. Whistler’s two mountains are also less than a two-hour drive. You could always take a hiking or trekking trip to Mount St. Helens or even Mt. Hood.

 

Go Shopping

Robson Street in Downtown

Vancouver is perfect for you if you believe in retail therapy. It has a great fashion district centred on Robson Street, which also hosts a lively art culture. There is a large variety of malls and shops including the historical and trendy Granville Island Public Market. They even have a Farmers Market with over 200 vendor participants!

 

Easy Travel

 

vancouver seabus
Vancouver Seabus. Image Source: news1130.com

Public transport is one of the best and most cost-effective ways to travel the city. The locals can choose between SkyTrains and SeaBuses. Visitors can float planes over to Vancouver Island as well as travel on AquaBuses across to Granville Island! The public metro system can also take you as far as the airport if necessary.

 

Education Hub

Looking for a private or public school or college for your kids? The public school system alone provides education to over 56,000 students every year. Plus, there are fantastic post secondary options like the University of British Columbia, Simon Fraser University, Columbia College, Vancouver Community College, and the Emily Carr Institute of Art & Design.

 

Conclusion: Albeit a little expensive, living in Vancouver is worth the high costs of living there. The real estate in the major city is booming, and it is not without reason. Everyone wants a piece of Vancouver, and you should grab yours too! Start your search for your Vancouver home today.