Getting involved in real estate in any capacity can be intimidating, whether you are an investor, homebuyer, or renter! The Vancouver real estate market has unique offerings, and it is important to know how to navigate it before you jump in. Here are the top three things you should know about Vancouver real estate before getting involved!
1. The Demand For Townhouses and Condos is Growing
In the mid-2010s, detached homes were all the rage in the Vancouver real estate market. But as prices surged and these units became out of most buyers’ budgets, the demand for townhouses rose steeply. Starting in 2017, the demand skyrocketed. In just one year, the sale of townhouses rose 10 percent, jumping from 58.2 percent of sales to 68.5. This is important information for investors of all kinds, who may see their investment grow in value in the coming years.
2. Real Estate Experts Think the Market Will Keep Growing
Vancouver has a lot to offer. It has only been growing in recent years, and the COVID-19 pandemic has amplified its unique qualities. Despite downturns in the market throughout Canada, Vancouver continues to draw more and more people interested in living and working there. This has made its housing market remarkably resilient, with projections that it will continue to grow in the coming years.
Vancouver remains a popular place for immigrants as well as young professionals. Despite the massive shifts the pandemic has caused in the way we live and work, experts foresee the city holding strong.
3. Foreign Buyers Face Unique Tax Requirements
With Vancouver as attractive a destination as it is, there’s no surprise that there is plenty of foreign interest. People from all over the world are interested in buying property in the area. In 2016, new laws placed a 15 percent rate on foreign property buyers as a non-resident tax.
This applies to anyone buying residential real estate in the metro area who is not a Canadian citizen or a permanent resident. This doesn’t have to spell doom for non-Canadians looking to invest. But it is something that your real estate agent should go over carefully to help you understand the unique pros and cons of investing in Vancouver.
Starting Your Real Estate Investment in Vancouver
Investing in real estate in any capacity requires the services of a knowledgeable real estate agent. North Shore Real Estate is one of the leading realtors in Vancouver, providing unique and expert insights into the local housing market so you can make good investment choices.