Union city condos.Why house prices in Vancouver remain so high. The western Canadian city of Vancouver ranks second in the world in terms of housing prices after Hong Kong.Please Visit: Union city condos to Get Your VVIP Registration Today!
Statistics released in March by the Canadian Real Estate Association and the National Association of Realtors also show that Vancouver prices rank first among 20 major cities in North America.
Vancouver is neither a political capital nor a financial center. Why do house prices stay high, or even continue to rise? A number of real estate experts interviewed 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.
The head of the Center for Urban Economics and Real Estate Research at the University of 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 all over the world want to live here, but the land is limited and it is impossible to expand indefinitely.
Leaning on the mountains and water, Vancouver is the first choice for immigrants from all over the world with its mild climate and 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 detached house at the lowest price in the city, priced at C $599000 (US $546000), and then sold for C $643000 (US $586000) at auction. This marks that the cheapest detached house in Vancouver is more than C $600000 (US $550000). According to the data, the average property price in Vancouver has reached 800000 Canadian dollars (US $730000).
Real estate prices in Vancouver have remained high compared with other North American cities since the financial crisis began in 2008, according to the head of Sotheby’s [Weibo] international real estate company. Vancouver, the most diversified and urbanized city in Canada and at the westernmost end, is an important gateway to Asia, popular with immigrants and real estate investors, and strong demand is driving up house prices.
Liu Yi, a senior real estate expert in Vancouver, believes that although the Canadian federal investment immigration program has been temporarily cancelled, it has not made 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 investment immigration were confident that Canada would reopen the door to investment immigration, while at the same time worried that house prices would be higher in the future, so they were also buying houses.