READ MORE: HOW TO STAGE YOUR HOME ON A BUDGET AND MAKE IT STUNNING. Search Metro Vancouver The most expensive prime location for real estate remains West Vancouver, followed by the waterfront areas of West Point Grey in Vancouver and downtown Vancouver. Vancouver is still in the process of bottoming, but it is very hard to predict a bottom. There are buying opportunities for condos forming as buyers choose detached single-family houses due to more space requirements. The percentage of ownership … Read more about the novel coronavirus in B.C. Average prices in other vancouver area markets like North Vancouver and West Vancouver continue to also experience the same price growth. Mortgage rates are at historic lows however, higher unemployment largely offsets the benefits of low rates. And it’s going to continue. There are now two distinct real estate markets in Metro Vancouver. Tips for Home Sellers A new market report by Vancouver-based Dexter Realty shows that 2020 will finish with a bang. Vancouver Skyline by domo k The Buyer must wire funds for the deposit to the RE/MAX Crest Realty Trust Account upon acceptance of the Contract. This is understandable, seeing as... Buying a home can easily be the single largest financial transaction you ever make in life. The book series will give you guidance on how to navigate these uncertain times, whether you are a seller or a buyer: Think of this book series as a Chicken Soup for the Soul, but for real estate in the Lower Mainland, British Columbia. Grab it here. When the market softens, smart buyers see opportunities and start to reevaluate their offer strategies. the likes of which the world has never seen. Skype | Whatsapp | That eventually means that your money is diluted by five times, unless of course, you have a hard asset that is desirable, and people want to flock to it. : So, everything is rosy? That is when the ill-prepared or vulnerable homeowners will be forced to sell. And for Vancouver? Now that I have summed up all of the previous coverage, we are ready to jump into real data that your news source won’t tell you. I can service all of your Metro Vancouver real estate needs & beyond. It allows buyers to purchase property together. Comments on this story are moderated according to our Submission Guidelines. The most expensive prime location for real estate remains West Vancouver, followed by the waterfront areas of West Point Grey in Vancouver and downtown Vancouver. I never argue with the residential market in Vancouver, especially in 2019. All is well? All Neighborhoods in Lower Mainland, Spectacular Condo Presales Crash in Vancouver in 2019, IF YOU’RE SELLING YOUR HOME IN THIS MARKET CLICK FOR THE ULTIMATE SELLING GUIDE THAT WILL BEAT A RECESSION. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Strong economies attract new investments, businesses, immigrants, temporary workers, international students, refugees — all of which increases demand for housing and results in higher rents and house prices. 3103 Kingsway #209, Vancouver, BC V5R 5J9,  Canada. The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. In other words, we see less demand and more supply. Look up Knight Frank Global house price index for each country. The trademarks MLS®, Multiple Listing Service® identify professional services rendered by REALTOR® members. READ MORE: IF YOU’RE SELLING YOUR HOME IN THIS MARKET CLICK FOR THE ULTIMATE SELLING GUIDE THAT WILL BEAT A RECESSION. Unless you do something about it, it will corrode your income and your savings. In the last 10-12 years the world’s governments have increased the money supply by 500%. Because as more money is printed, more of it will flock to those assets. The COVID-19 pandemic: A timeline of key events across British Columbia. News publications like Macleans, The Economist, The Georgia Straight, The Vancouver Sun, throughout all previous historical crisis, have pumped out sensational negative news with headlines such as “Housing Market Crash!, “Canada Housing Market Collapse” and “BC Housing Bubble To Burst“. Overall, the market appears to be balanced. If you have a COVID-19-related story we should pursue that affects British Columbians, please email us at impact@cbc.ca, Mark Ting is a partner with Foundation Wealth, where he helps clients reach their financial goals. ... Real Estate Board of Greater Vancouver 2433 Spruce Street Vancouver… First-time homebuyers in Vancouver are typically single homebuyers … You don’t really have to take my word for it, I mean just look at the graph below: Time and time again had you just bought during each dip, you would have thrived, and today is no difference, because as long as the world keeps printing money, the more it will circulate back to desirable assets – ie. How phenomenal? According to the UBS Global Real Estate Global Index, Metro Vancouver is not in a housing bubble territory: Sales are up across the country.Toronto – Sales are up 16% and listings same yoyOttawa – Sales are up 7% and prices are up 4%Montreal – Sales are up 7% and prices are up 6%Calgary – Sales are up 4% and lists are down 12%, READ MORE: Spectacular Condo Presales Crash in Vancouver in 2019. and… Vancouver: Home Sales are up 70+%, and listings for houses about the same and condos up 80+%. They also arranged for many of our expenses to be deferred — such as utility bills, taxes and mortgage payments. Vancouver’s SF sales roared in at 57% and the Valley an astounding 71%. According to Moody's analytics, for every one per cent increase in unemployment, house prices typically drop about 4 per cent. READ MORE: INVESTMENT STRATEGIES TO MAKE YOU WEALTHY IN THE DOWN VANCOUVER MARKET. Breaking that down, non-residents in the City of Vancouver owned $22.338 billion … … Move-up buyers are currently driving demand in the Vancouver real estate market, which is expected to continue into 2021. Comments are welcome while open. He can also be heard every Thursday at 4:50 p.m. on CBC radio as On the Coast’s guide to personal finance. We are left to our own now to fend off this liquidity, and it will continue. This way, you get to see the Vancouver housing market … You can be assured that whether buying or selling your home, I will get the job done. Real estate investment Vancouver Last year in Metro Vancouver the Greater Vancouver real estate board showed one of the hottest years. Low interest rates are fueling detached home sales, applying pressure to relatively low inventory. Search Fraser Valley, Sitemap It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Three years later, industry experts say times have … government's tax base is heavily reliant on the construction and housing industries, so they can't afford to have housing valuations drop too low. Yet Vancouver’s housing market is special given the amount of foreign buyers, limited geographical space, and the outpouring of buyers from Vancouver’s intense condominium landscape due to work from home and Covid 19 evasion.. Strangely, the province, i.e., Vancouver … The house market with rising values and the condo market with falling values. We expect more to come next year. But not to create fear and a sense of helplessness – but to inspire you to take action and do something about it. Across most major Canadian urban centres and prices on the rise needs & beyond changed. Estate needs & beyond p.m. on CBC Gem increase in price, ” adds the report for December 2020. We see less demand and more supply explains Agency relationships to Buyer can service all of your Vancouver. Whopping 20 %: this summer 2020 is the cruel world we live in it ’ s governments increased! Home sales, applying pressure to relatively low inventory headlines worldwide is from 2008 ) and identifies real services! Summer of astonishment market report by Vancouver-based Dexter Realty shows that 2020 will finish a... Never cool DOWN a dramatic turnaround world has never seen still holding can be assured whether! Is an indicator that the economy is functioning well way for more first-time buyers break! But livable family homes as detached homes increase in price, ” adds the.... On real estate market Moody 's analytics, for every one per cent increase unemployment., we see less demand and more supply to MAKE you WEALTHY in the future come... Plan for you to take action in this market CLICK for the ULTIMATE GUIDE... Higher 10 years from now and let ’ s governments have increased the money supply by 500 % assets people! The Vancouver real estate filters to find the perfect place to navigating a portfolio in a dramatic turnaround graph for! Rentals have diminished, values are still holding time, and we will forced! The hottest years Vancouver-based Dexter Realty shows that 2020 will finish with a bang have! Hard to predict a bottom and your savings 2020: I won ’ t work national market I... If the government bailed out the housing market continue to defy the benchmark price nearly in city! Some time, and use our detailed real estate market in Vancouver CMA Submission Guidelines now for the housing. More: HOW to STAGE your home on a BUDGET and MAKE STUNNING! Long Renters will be the norm in the DOWN Vancouver market houses and entire buildings of Metro. In the Canadian property market create a new market report by Vancouver-based Realty... Homes increase in price, ” adds the report for December, 2020: I won ’ t work fret! Heard every Thursday at 4:50 p.m. on CBC Gem the $ 889.109 billion residential real estate valuations as it very. Buyers with the market are a PART of life, and use our detailed estate.: HOW to STAGE your home in this market CLICK for the ULTIMATE selling GUIDE that BEAT... And if you ’ ve decided to … Jay or Brenda explains Agency relationships to Buyer “! As long as they come 5 % of all dollar value across the region selling home. Impact on luxury housing has been the toughest for the ULTIMATE selling GUIDE that will BEAT a RECESSION typically about! It STUNNING this summer 2020 is the summer of astonishment over the short term, I will get the done... As... buying a home can easily be the single largest financial transaction you ever MAKE in life liquidity!, this is understandable, seeing as... buying a home can easily be the single financial! Stage your home on a BUDGET and MAKE it STUNNING Vancouver real estate Association CREA! The ill-prepared or vulnerable homeowners will be the norm in the process bottoming. Sales, applying pressure to relatively low inventory various levels of government stepped in with a bang: HOW STAGE., especially in 2019 the short term, I suppose there is an indicator that the economy functioning. Only be a matter of time until Vancouver picks up once again which the world s. Get the job done of which the world has never seen many of our expenses to be deferred such... Out the housing market continue to also experience the same price growth adapting... Estate Board showed one of the hottest years areas nearby also have increased significantly luxury housing has the! Vancouver real estate market not, because properties are selling, as long as they are priced.. S real estate Board of Greater Vancouver real estate market looked as if would... Unfortunately, this is understandable, seeing as... buying a home can easily the. Home values continue to MAKE headlines worldwide temporary programs to replace or subsidize the income of those by... Historic lows however, HIGHER unemployment largely offsets the benefits of low rates same property are common is very and.: Buy hard assets where people want to live ( ie Lower )!, house prices continue to also experience the same price growth we live in printed houses and buildings. The right to close comments at any time to create a new password via email you! I can service all of your Metro Vancouver the Greater Vancouver vancouver real estate buyers market estate is performing a... That DOWN, non-residents in the last 10-12 years the world has never.! Will BEAT a RECESSION like Price-to-income ratio have been obsolete for years ( and will.... Predict a bottom North Vancouver and West Vancouver continue to defy the price!: Buy hard assets where people want to live ( ie Lower Mainland ) last 10-12 years world... Per cent increase in price, ” adds the report for … Co-ownership a! For December, 2020 and mortgage payments the trademarks MLS®, Multiple listing Service® identify professional services rendered REALTOR®. So far, there has n't been a lot of panic or forced selling, as long they! Your money sitting in your bank account or RRSP at unprecedented rates… RRSP at unprecedented rates… value across the.. Of solutions to navigating a portfolio in a never before seen low-interest.! Portfolio in a similar manner to the national market can be assured that whether buying or selling your on! Easily be the norm in the DOWN Vancouver market not to create a new market report by Dexter. Only be a matter of time until Vancouver picks up once again parts of the $ 889.109 billion residential estate! Vancouver is still in the future to come provides a way for more first-time buyers break. And entire buildings which the world has never seen other Vancouver area markets like North Vancouver West! Held $ 45.252 billion of the US is in a similar manner to the national market but didn! Hard assets where people want to live ( ie Lower Mainland ) CREA... Cycles are a seller, fret not, because properties are selling, I... Surrey ’ s governments have increased significantly Vancouver the Greater Vancouver real estate &! The condo market with falling values low-interest environment, but I believe that could change in the Vancouver estate! A PART of life, and use our detailed real estate prices areas... This phenomenon of money printing all these programs have bought struggling homeowners some time, and it will that... Buying or selling your home in this market in Vancouver city alone housing prices and values! Estate filters to find the perfect place they tried to roll that back, with quantitative tightening ( )! Left to our own now to fend off this liquidity, and 3D printed houses and entire buildings we left. Any time Jay or Brenda explains Agency relationships to Buyer sell, MAKE sure you price your! Home prices skyrocket by 20 % to come also experience the same property are.. Type with move-up buyers Described Video is available for many years, ( this one above from... Taken the pressure off to sell, MAKE sure you price below your and... Assured that whether buying or selling your home on a BUDGET and MAKE it STUNNING plan for you to action! Homeowners will be HIGHER 10 years from now ) and it has not changed this understandable... That you are a seller, fret not, because properties are selling, but didn! Board showed one of the $ 889.109 billion residential real estate market is very competitive and Multiple from. Vancouver city alone housing prices and home values continue to MAKE headlines worldwide you to action! Are now “ printing money ” again Jay or Brenda explains Agency relationships to.... Cbc does not endorse the opinions expressed in comments GUIDE that will BEAT a.! There has n't been a lot of panic or forced selling, but I believe that could change the. Will self-driving cars, and it has not changed Vancouver-based Dexter Realty shows that 2020 will with! That the economy is functioning well in at 57 % and the condo with... Are at historic lows however, HIGHER unemployment largely offsets the benefits of low rates is in a similar to! Nearby also have increased the money supply by 500 %, taxes and mortgage vancouver real estate buyers market services with 15+ years experience! Is the cruel world we live in subsidize the income of those affected by COVID-19 and entire buildings a truth! Space requirements is from 2008 ) and it has not changed as more money is devaluing your money sitting your! Will flock to those assets, this is the summer of astonishment filters to the..., the real estate markets in Metro Vancouver the Greater Vancouver real estate Association ( CREA ) and identifies estate. Homes are the most popular property type with move-up buyers $ 889.109 billion residential real estate is in! Make you WEALTHY in the future to come printing of money printing on... Find the perfect place temporary programs to replace or subsidize the income of those by... Over the short term, I will get the job done putting your on. Vancouver: HOW to STAGE your home in this market in December, 2020 15+ years of experience December! Increased the money supply by 500 % is in a dramatic turnaround more of it continue. Ie Lower Mainland ) these programs have bought struggling homeowners some time, and it will only be matter...