8 Elm Condos.Why house prices in Vancouver, Canada remain high. According to a recent statistical report on house prices in international cities, housing prices in the western Canadian city of Vancouver are second only to Hong Kong. Statistics released in March by the Canadian Real Estate Association and the American Association of Realtors also show that Vancouver house prices rank among 20 major cities in North America.Please Visit: 8 Elm Condos to Get Your VVIP Registration Today!
Vancouver is neither a political capital nor a finance, why house prices remain high, or even continue to rise. Several real estate interviewees believe that from the current situation, the imbalance between supply and demand in Vancouver is the main reason for high housing prices, and there is no bubble in the real estate market at present.
The head of urban economics and real estate research in British Columbia said in an interview with Xinhua that the reason for Vancouver’s high real estate prices is simple: Vancouver has a good geographical location and is an ideal livable city. People everywhere want to live here, but the land is limited and cannot expand indefinitely.
Leaning on the mountains and water, Vancouver is a place for immigrants with a mild climate and a beautiful environment. According to statistics, the number of new immigrants in Vancouver is about 30,000 a year, and the housing demand of these people will naturally push up house prices. The official believes that as long as Vancouver continues to accept 30 to 35000 immigrants a year, it will be enough to support high real estate prices here.
A Vancouver real estate company recently advertised that it would sell a separate house on a citywide basis with a price tag of C $599000, and then sold it at auction for C $643000. This marks that the price of a detached house in Vancouver is more than C $600000. According to the data, the average property price in Vancouver has reached C $800000.
According to the head of Sotheby’s International Real Estate, real estate prices in Vancouver have remained high compared with other North American cities since the financial crisis began in 2008. Vancouver, the Canadian dollarized and most urbanized city, located at the westernmost end, is an important gateway to Asia, sought after by immigrants and real estate developers, and strong demand drives up house prices.
Liu Yi, a senior real estate in Vancouver, believes that although the Canadian federal immigration program has been temporarily cancelled, it has not let Vancouver house prices “fever”. In March this year, Vancouver real estate sales increased significantly compared with the previous month. He analyzed that first, people who had gone through immigration formalities in the past continued to pour in, and second, those who planned to apply for immigration were confident that Canada would reopen the immigration door, while at the same time worried that house prices would be higher in the future, so they were also buying houses.
