Design district.A good time to invest in the Canadian housing market? The average house price in Greater Vancouver is expected to rise to about C $1.2 million in 2023. The benchmark prices of apartments, townhouses and detached houses have increased by 1-2% respectively.Please Visit: Design district to Get Your VVIP Registration Today!
Home sales in the Greater Vancouver area hit a record in 2021-2022. In particular, home sales in the Greater Vancouver area hit an all-time high in March 2021 and plummeted almost to an all-time low in 2022.
But at the same time, property sales forecast that apartment sales will reach 14,500 in 2023; joint sales will be about 5000, and detached houses will be about 8750.
Over the past 40 years, a key factor supporting house prices in the Greater Vancouver area has been steady population growth. The Canadian federal government has announced an increase in its immigration target between 2023 and 2025, and projections of future population growth have given a boost to the future housing market in Greater Vancouver.
As population growth and demand pressures are unlikely to ease in the short term, although the rapid rise in mortgage rates over the past year has reduced purchasing power and pushed many potential buyers and sellers to wait and see. As the real estate market gradually adapts to the interest rate environment, it may be time for sellers and buyers to re-enter the market.
According to the judgment of the Dawendi property Bureau, all wait-and-see buyers can sell. Although the 2 per cent increase in house prices predicted by the real estate bureau does not outpace the interest rates on time deposits, a small spread is no longer an obstacle to large investments such as real estate.
2023 will be another record-breaking year for immigrants, and according to information revealed by Immigration Canada, the number of immigrants in Canada will continue to rise in the next few years, and the wave of immigration will drive the local birth rate, when the overall population base will also rise. demand for real estate will only rise, not fall. Presumably not only in the core areas of Toronto and Vancouver, but also in many small cities around or in remote areas.
Foreign buyers have long been seen as one of the important factors driving up house prices in Canada. In 2016, in the face of rising house prices, the BC provincial government took the lead in implementing a 15 per cent foreign buyer tax in Vancouver. Less than a year later, the Ontario government followed suit, imposing a 15 per cent tax on foreign buyers in the Golden Horseshoe area, including Toronto.