Vancouver’s hot real estate market is a boon for both buyers and sellers. Anyone seeking to invest in property or sell real estate can expect a positive outcome. Buyers can expect the odds to be stacked against them, while sellers are in a position to take advantage of the growing sales. Either of these two groups would benefit from the expertise of real estate professionals who understand market conditions and can inform clients about any changes that could significantly affect their deals.
These experts know that high real estate sales are linked to other factors such as demographics. If a certain city experiences an employment boom, for example, more people are likely to move there, which increases the demand for residential properties and, eventually, home prices.
However, high population growth and income don’t automatically lead to increased market activity as these factors can also be hampered by stricter credit and mortgage standards. It is feared that if the government enacts such changes, many buyers, especially those with lower incomes, may be discouraged from entering the market.
Foreigners are also eager to get into the Vancouver, BC real estate market, as well as in other cities. In 2012, it was estimated that some foreign investors owned anywhere from 5 to 50 percent of all downtown condos in Vancouver and Toronto, further limiting the available inventory. While sellers had a field day, buyers faced a more congested market.