Is housing affordability improving in Vancouver?

A slight decrease in the amount charged by banks at interest led to some improvement in the situation with the affordability of housing in the Vancouver market during the first month of 2014. However, whether these numbers remain constant is questionable to say the least. Experts give locals and potential new residents a guide to the cheapest places to find real estate in Vancouver. Stakeholders should be careful about what they say.

Vancouver has always been known for its super-expensive home prices, but even in 2014 there are certain areas for potential clients with less than extremely wealthy people. These areas are limited to specific homes, buildings, and neighborhoods within the Vancouver metro. For example, the downtown area is considered the most expensive, with 1-bedroom apartments starting at $ 200,000 in the lower end. Of course, the further you get to the outskirts of Vancouver, the cheaper homes and real estate will be. The Vancouver suburbs are undeniable too, with fantastic schools and gorgeous scenery, the surrounding cities of Vancouver can create an enjoyable life.

Although prices are down slightly from last year over the same period, the numbers are still extremely high compared to the rest of the country. Of course, any price cut is music to the ears of investors interested in the Vancouver real estate market. The idea of ​​increasing affordability in Vancouver is a double-edged sword. This can be great news for first-time buyers, but terrible news for people who are using real estate as an investment. It is hoped that prices in some markets will fall relative to others in order to maintain investor interest in real estate.

When it comes to rentals, the numbers for Canadians are still very high. For example, in the city center, a 1-bedroom apartment is cheaper – $ 1,385, while outside the city – a sharp decline in price to $ 989 per 1 bedroom. Still expensive, but still nearly $ 400 cheaper per month. For families, the numbers are even more dramatic: the average home price is around $ 700,000 for a 2-bedroom detached home!

In reality, Vancouver is likely to never fall in value, and neither buyers nor sellers want to. For now, it looks like Vancouver people are at the mercy of the markets, and it will be for a while.

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