Anyone who lives in Vancouver knows that the Vancouver Real Estate market is really different from any other Canadian city. The aspiration for everything new and inventive makes our local architecture as well as real estate trends very distinctive. On the other hand, if you plan to buy property in Vancouver, you should be aware of local trends to make a smart buying. Here are some of the trends defining Vancouver Real Estate these days.
1. Be Prepared to Pay
Most other Canadian cities have regions and neighborhoods that differ in price. For instance, you may select between more affordable and more expensive areas. Although this trend exists in Vancouver, the overall price of Vancouver Real Estate is definitely higher. An inexpensive residence typically costs around one million dollars, and you are paying more many times for the land than for the home itself.
As well as supposedly blighted areas like Commercial Drive and Main Street are currently as exclusive as upper-class neighborhoods in other cities. So, be prepared to pay if you want to live in Vancouver.
2. Out with the Old, in with the New
There is less appreciation for heritage residences because Vancouver is a newer city. The newspapers announce the demolition of older buildings in favor of new condominiums almost every day. And this trend is just getting greater and greater in Vancouver.
So, if you are planning to live in Vancouver, it will be really difficult to find older apartment buildings, which usually have bigger spaces as well as more affordable prices. As an alternative, you will maybe be looking for newly developed Downtown Vancouver Condos with less space and upper price tags. Check here!
3. Suburbs Are the New Hotspot
A lot of young people and new families choose to live in the surrounding areas of Richmond, New Westminster, Burnaby, and Surrey because Vancouver has become so unaffordable. This great influx of young people and new families is turning the suburbs into hot and trendy areas. Businesses are getting younger as well as hipper to accommodate these new residents. This means that the suburbs, which are usually thought of as a Vancouver Real Estate consolation prize, are quickly becoming the best places to live.
4. Longer Waits for Houses
In general, a single-family will have to go through one or two Starter houses before they can afford their dream home. By reason of high prices, Vancouverites typically have to get through two or three apartments and then another two homes before they can upgrade to their ideal house. This is only true for a city that has higher than average real estate prices.
The Bottom Line
Vancouver is one of the best places to live and it is always a good time to invest in Vancouver Real Estate. But residents should be prepared before buying a home. Get to know the city and Vancouver Real Estate trends before you invest in anything. So, you will thank yourself in the long run. To find out more, check out https://www.kellyandcorealty.com/best-and-worst-condo-improvements-for-sales-in-vancouver/
