Vancouver condo market predictions for 2020
Yes, the lifestyle is changing. In commercial cities like Vancouver, the taste of the people is shifting from big bungalows to compact condos with all the modern amenities. This style not only complements the modern living style but also helps in bringing people together and close to nature.
1, 2 and 3 room condos are getting popular in the Vancouver real estate market. It is a perfect choice for a small family or individual living with all the facilities and local markets around.
As the year 2020 has already started, let’s plan to buy a condo in Vancouver city. To initiate the process, let’s figure out the latest market trends and real estate predictions for buying condos in one of the leading cities of Canada
Prices are Getting Affordable
Metro Vancouver condo prices skyrocketed to a peak in 2018. The good news for first-time homebuyers is that since then prices have dropped significantly. In the year 2020, a further reduction in prices is expected that will accelerate the real estate market. In 2020, the Vancouver condo is almost affordable for a common working household.
Lately, only the small condos with one bedroom were getting sold but now there are pretty good chances that there will be buyers for the 2 and 3 bedroom houses too. The shift is likely to open new real estate market options for the investors in Vancouver city.
Seller’s Market Perspective
Looking at the forecasts issued by the real estate market of Canada for condos, the market for the sellers is going to be stable for the next few months. There are not many changes in the present situation. However, the sellers can get a high margin profit after the market gets a hike after August 2020.
According to MLA Advisory, construction of 9,000 new homes will complete between August and the end of the year. The condo market is expected to enjoy its steady growth and will be a balanced market by the end of this year from the seller perspective.
Buyer’s Market Perspective
The beginning of the year is the best time for the buyers to buy the condos in Vancouver. Right now the prices are already on a balanced side especially on the west side of Vancouver. If you are thinking of buying just be sure to drive a hard bargain and cover your bases with smart and educated decisions. It will be impartial to bite off more than one can chew.
Buying a home is a big decision, so check homebuyer Guide so that you can make a smart choice in buying a good house.
Foreign Investor’s Perspective
After the downfall of the US real estate market, Canada has emerged as the first option for foreign investors. The Vancouver Real estate market has grown since then and new constructions have come up in big ways.
The smart home projects providing modern condos are the best homes for foreign investors as they are easily maintainable homes with full security and maintenance facilities.
Canada's realtor marketing materials clearly depict that foreign investors coming to Canada seems to be interested in buying small and compact houses. Moreover, Vancouver is a place that is favourable for working professionals and for tourists. Thus it is extremely profitable from an investment point of view.
Too Soon to Predict Clear Picture
Whether a stable 2019 will continue into 2020 is a big question for the real estate in Vancouver. Multiple housing experts are saying that it is difficult to predict the exact scenario of the Vancouver real estate market in 2020. Market adjustments to the new taxes are one factor, but so are trade war concerns, continued low-interest rates, and the effect of new mortgage rules.
The big picture will become more clear once the new selling and buying rules are set. The market experts say that once the policies for the rental houses are set, things will be more transparent.
We are not expecting any magical thing to happen but the conversation is going around to open new opportunities for the real estate investors.
If we closely monitor the real estate market in North America, Vancouver city offers the costliest houses. However, the Canada Mortgage and Housing Corporation are forecasting the region's vacancy rate will only increase to 0.9% in 2020 which is a good sign.
To highlight the tips for the real estate buyers in Vancouver, here are a few key points:
Comparative Market Analysis For Choosing The Right Condo
A condominium is a property complex divided to sell as an individual unit. The various individual condo-units, share common areas, such as parking garages, pools, lobbies and entertainment rooms and are of different sizes.
These areas are considered as common property. So, check the type of property, what ownership of a condo entails and look for the best deal.
Get To Know The Condo Board
For the Vancouver Real estate market, all condo complexes are constructed under the condo. While shopping for a condo, you can get the opinion of the board for the property. You can check for the fees, reserves and depreciation reports of the property under consideration.
Look At The Demographics
You must be having your personal choices and there are likely chances that you like a property and get ready to purchase. But this is the time to explore the details of that property, its resale value, and other detail. You must take advantage of buyer benefits.
Choose the Best Location
Condos are mostly purchased for the living and for investment purposes. In both matters, the location of the condo has an added advantage. A centrally located property is much better than buying in a home in a remote location. So, think before taking a decision!
While we often buy a home as a place to live in, we still need to keep in mind that it is an investment. The aim isn’t to get rich in the purchase, but we must not invest in a property that is no longer a good deal from a future perspective.
If you do your due diligence and consider the predictions for the year outlined here, you can definitely find a great condo in Vancouver that suits your budget and lifestyle.