The Canadian city of Vancouver has become, along with Hong Kong and Sydney, one of the most buoyant and fast-growing real estate markets in the world, to the point that many have decided to take money from their equity investments to place them in downtown Vancouver condos.
In recent years this city on the Canadian west coast has registered such an increase in prices and demand that the government of British Columbia (province in which Vancouver is located) has had to impose strong Tax charges on foreign real estate investment, which has not prevented prices from continuing to rise with the contribution of locals.
Buying a house as an investment
The sharp rise in prices in Vancouver, one of the cities that is always in the ranking of the best quality of life in the world, has led many to buy houses as a mere investment without placing them on the rental market.
The positive side of deceleration
If you want to invest in Vancouver this is your moment. The city’s slowdown has set the stage for investors looking to get good deals, and experts say now is the best time for investors looking for opportunities.
Prices keep falling but some think they are close to the bottom and will soon start to rise again, although they are unlikely to return to the highs.
Taxes on foreign buyers, stricter loans and other restrictions imposed by the government have pushed foreign buyers out of the market and hit investor confidence.
Sellers have had to cut prices by 10-15% and the market has experienced a “significant slowdown” due to government cooling measures. Know more!
Offer and demand
If you wonder why prices are going up or down, the simplest answer is to think about supply and demand, but there are still several questions and causes to consider.
Even in the luxury sectors, where this decline is not usually significant, there are good opportunities.
According to Royal LePage, luxury homes in neighborhoods like Burnaby, West and North Vancouver, and the City of Vancouver have seen the biggest price drops, providing opportunities for buyers looking to enter the area’s upscale markets. .
If you are from abroad, even better
Current prices are especially good for buyers in the United States or Europe, where the currency is strong and they can get more value by paying in Canadian dollars.
Although they are still responsible for the Foreign Buyer Tax, maintaining the investment in the medium and long term can offset that tax.
Without question, Vancouver real estate will have an even higher premium in the world category.
“For investors and for luxury buyers, you have a world-class city that has not yet realized that it is world-class.”
Do you need any more reasons?
Well, you should know that Vancouver is a talent factory. Two prestigious university institutions and 20 post-secondary centers feed the city’s labor market every year with a talent trained for the new needs of the digital world, the entertainment industry, innovation and sustainability.
Vancouver is a world leader in the field of social enterprise; a broad and constantly growing sector that promotes social and environmental change through the power of new business models. For more details, visit: http://www.realtynotebid.com/why-hiring-a-vancouver-condo-specialist-is-important-when-buying/