If you are considering buying real estate in Vancouver, you must know that the real estate market here is quite different compared to any other Canadian city. Innovation drives the trends here, making the local architecture and constructions highly distinctive. We bring you some of the top trends in the property market that will help you with your buying decision:
1. Be Ready For a Higher Cost and Higher Living Experience
Most cities comprise neighborhoods and locations that vary in their price range. However, in Vancouver, the general pricing is comparatively higher. An affordable home will cost you around 1 million dollars while living in the classy and upmarket areas can be even more expensive. Areas like Commercial Drive or Main Street which were considered affordable are now costing as much as expensive locations.
2. Newer Properties are on the Rise
As the city is comparatively new, there is less demand for heritage properties. It is tough to find older buildings that may be cheaper as they are usually demolished to build new and modern homes or high-rises.
3. Suburbs are the New City
As Vancouver rates are comparatively higher, residents are moving to suburbs like Richmond, Surrey and Burnaby. More and more people are moving to the suburbs, because they can afford to buy homes with modern facilities and a better lifestyle.
Vancouver BC real estate is still very much in demand from personal buyers as well as for investment purposes. As the property rates are constantly on the rise, it is a good time to buy your property so that you can enjoy the appreciation in the long run!