Real Estate

Is Housing Affordability Improving in Vancouver?

Slight drops in the amount banks are charging in interest have led to some improvement on the housing affordability front in the Vancouver market during the first month of 2014. However, whether those numbers stay consistent is questionable to say the least. Experts are giving locals and potential new residents the guide to the least expensive locations for real estate in the city of Vancouver. Interested parties would do well to pay close attention to what they have to say.

Vancouver has always been known for its ultra expensive housing prices, but even in 2014 there are specific areas for potential with less than extremely rich individuals. These areas are restricted to certain homes, buildings, and neighborhoods within the Vancouver metroplex. For example, the inner city is considered to be the most expensive with 1 bedroom condos starting at upwards of $200,000 on the low end. Of course, the further you work your way to the outskirts of Vancouver the less expensive the homes and real estate will be. The suburbs of Vancouver are nothing to shake a stick at either, with fantastic schools and gorgeous scenery a nice life could be made in the surrounding cities of Vancouver.

Although prices saw a slight decrease from last year in the same period, the numbers are still extremely high compared with the rest of the country. Of course, any decrease in price is music to the ears of investors interested in the Vancouver real estate market. The idea of affordability improving in Vancouver is a double-edged sword. It can be great news for first time buyers but terrible news for individuals who are using real estate as an investment. The hope is for prices to drop in certain markets over others to keep investors interested in properties.

Numbers are still extremely high for Canadians when it comes to rent. For example, at the city center 1 bedroom apartments cost on the low end, $1,385 compared with outside the city a dramatic price cut to $989 for a 1 bedroom. Still pricey, but nonetheless nearly $400 cheaper per month. For families the numbers are even more dramatic with the average home price going for around $700,000 for a detached home with 2 bedrooms!

In reality, Vancouver will likely never decrease in price and neither buyers nor sellers would like to see that. For now, it seems, Vancouverites are the mercy of the markets and will continue to be for quite some time.

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