forma condos.Real estate forecast and analysis in Vancouver area. Vancouver area (Metro Vancouver) is located in the southwest of BC Province, Canada, also known as Vancouver Metropolitan area, with a population of more than 2.4 million, has the largest city in the province-Vancouver.Please Visit: forma condos to Get Your VVIP Registration Today!
Vancouver is a major port city and an important economic center in Canada, as well as a political, cultural, tourism and transportation center in western Canada. For many years, the city has been rated by UN-Habitat as one of the most livable cities in the world. It is also home to the University of British Columbia and Langara College Langara College, making it a hot city for Canadian immigrants and studying abroad. The real estate market in the Greater Vancouver area where it is located has attracted the attention of many investors. This article can be used as a reference before your investment, and it is convenient for you to understand the current situation and future trend of the real estate market in Greater Vancouver.
The Greater Vancouver Real Estate Bureau (REBGV) reported that the ratio of buyers to sellers in the area reached 1.5 per cent in March 2021, and that number remains high. As young people born in the 1980s and 1990s gradually form new families, rigid housing demand is essential, while new housing construction is far from meeting local housing demand, and prices will rise steadily in the future. Housing in core areas, including the West side of Vancouver, downtown, and so on, will receive renewed attention.
Randy Ryalls, general manager of Royal Canadian Real Estate (Royal LePage Sterling Realty), said Vancouver has long had a housing shortage and housing inventory is steadily falling, which is the main driver of rising house prices in Vancouver and elsewhere. Almost every listing for sale receives multiple offers and ends up selling at more than the asking price, many of them unconditionally. Ryalls added that as demand has been outstripping supply, housing inventories must double to rebalance the market in the region.
The shortage of housing inventory has contributed greatly to the growth of house prices, with total home prices in the Greater Vancouver area expected to rise 10.5% year-on-year to C $1375700 in the fourth quarter of 2022, according to the Royal LePage market survey. Over the same period, the median price of detached houses is expected to rise 12.0 per cent to C $1892800, while the median price of apartments is expected to rise 8.0 per cent to C $766800.
Vancouver has the highest rent in the country, with an average rent of C $2132 for one home and C $2998 for two homes.
The average rent in November 2019 was C $2507. Although affected by the epidemic, it fell slightly to C $2301 in November 2020, but rebounded rapidly in the summer of 2021, reaching C $2492 in November 2021, with an average rent increase of 8 per cent per year. Real estate consultancy Bullpen Research&Consulting and Rentals.ca predict that average rents in Vancouver will continue to rise in 2022 and are expected to grow at an annual rate of 6 per cent next year.