If you are planning to own property in Vancouver, then you have to aware that the real estate trends in this city are very different from other cities in Canada. There is a desire for new innovative, local architecture and all these make the real estate in this town very different. Before taking any investment, or still planning to purchase in Vancouver, there is a need to familiarize with the trends that define the current real estate in Vancouver.
- Be prepared to pay more
Several cities in Canada have certain neighborhoods and areas that have price variations; some are affordable while others are more expensive. This trend is not different in Vancouver. The general price for a home is relatively higher than the cost of the land itself.With all this in mind be prepared to dig deep into your pockets if you are planning to live in Vancouver.
- Be ready to adopt living in newer residents
Vancouver is a modern city with new buildings coming up while at the same time doing away with the old ones. This trend is being experienced every other day with frequent announcements of the demolition of an older building for replacement with new ones. Planning to live in Vancouver will require living in the modern building, and this will prove harder to find older ones which are likely to be bigger and spacious as opposed to the newly developed condos which are smaller and more expensive.
- Be aware those suburbs are the new hotspot
has become a bit unaffordable forcing many young families to choose to live in such areas as Richmond, Surrey, Burnaby as well as New Westminster. These suburbs are slowly turning into hot and trendy areas as they are affordable by the young individuals. Jobs in the town are getting scarce as the demand grows to accommodate these new residents. Therefore, if you are looking for the hottest place to live, then these suburbs will be the ideal choice for you.
- You have to wait longer before owning a home
It is normal for an individual or a family to go through several starter homes before affording to settle in an ideal home. A young person or family will be required first to until such time they will be stable financially to invest in their dream houses.