Real Estate Blog

Welcome to Search Vancity Homes Real Estate Blog. Check back often for updates on the Vancouver and surrounding cities real estate markets.

Nov. 2, 2017

10 Reasons to Buy Real Estate in Vancouver

10 GREAT REASONS TO BUY REAL ESTATE IN VANCOUVER

As the 3rd largest cosmopolitan city in Canada, Vancouver is consistently making the top of the list for the best cities to live in the world. Located in the stunning province of British Columbia which is known for its abundance of green forests and outdoor activities. Vancouver is a port city that boasts some of the best restaurants, shopping and entertainment in Canada. Not only is this pristine city framed by towering Mountains, it is situated between English Bay and the Burrard Strait providing this urban hub with beautiful beaches and sea front parks. So why should you buy Real Estate in Vancouver?

Buy Real Estate Vancouver

 

1. Real Estate selection

 

The design of Vancouver makes It one of the most beautiful and liveable cities in the world. There is no other city in Canada that matches Vancouver’s breathtaking skyline. In fact, the city was laid out to include extensive residential properties meaning home buyers are spoiled for choice from detached single-family homes to condos, town homes, lofts and luxury real estate. The placement of the city is geographically perfect because to the north you can see beautiful mountains, to the east your see Mount Baker, to the south you can see the Strait of Georgia (from elevated levels) which is by the US border and to the west which has some of the most breathtaking water views this city has to offer. 

 

2. Investment Opportunities

 

The real estate market has been incredibly lucrative in Vancouver. Even through the recession, Vancouver real estate prices quickly rebounded and exceeded peak levels. It’s true that real estate prices are soaring and there is little indication that this trend will stop due to the interest of foreign buyers and the popularity of Vancouver even for Canadians. Vancouver has some of the highest rental rates in North America and still the vacancy rate is at an all-time low meaning an investor who is looking to rent their property out will do so without a problem and for record high rental income!

 

3.   Friendly People

 

For a large city Vancouver is incredibly friendly. Tourists find locals to be helpful, polite and considerate but even Vancouverites have developed a strong sense of community. Moreover, Vancouverites tend to be extremely proud of their city and make a serious effort to maintain its pristine appearance and that’s why Vancouver is one of the cleanliness and greenest city in the world!

 

4. Recreation and Entertainment

 

As you would expect from any major city, Vancouver has extensive outdoor recreation and entertainment opportunities. Famous for the range of mountains and lakes at your fingertips, locals are usually quick to point out that there are few other cities in the world where you can ski/snowboard in the morning and kayak or go boating in the afternoon. Vancouver is ideal for nature lovers, but don’t be fooled this city is also known for its restaurants, sporting events, excellent night spots and a jam-packed event calendar. In May, you can literally be skiing in the morning, at the beach in the afternoon then a Vancouver Canucks hockey game in the evening and finish off your night with a drink at a nice lounge in Yaletown. 

 

5. Shopping

 

There is so much variety on the famous Robson street and Alberni street where you’ll find a plethora of high-end shopping options; on Granville, you’ll find casual styles while Gastown offers independent clothing boutiques. Visit Pacific for a condensed shopping scene such as Nordstrom, Holt Renfrew, Harry Rosen and many more but don’t forget to check the Kitslano neighbourhood as well for more diverse shopping including a wide variety of luxury car dealerships. 

 

6. Education

 

The Greater Vancouver area (lower mainland) offers an excellent education system including private and public schools, as well as some of the top universities in the country. Every neighbourhood in Vancouver is home to safe and successful schools for parents with children under the age of 18. Add to that the University of British Columbia, Simon Fraser University, BCIT (British Columbia Institute of Technology) and the Emily Carr Institute of Art & Design are excellent post-secondary options.

 

7.  Employment Opportunities

 

A centre of shipping and industry, Vancouver offers many great employment opportunities. One great example is Hollywood north. With the US dollar being strong the film industry in Vancouver is at its peak and the industry is in need of workers. Another great example is the hot real estate market which is creating a high demand for jobs relating to trades or anything construction related due to the countless new projects being built. Plus, with excellent rapid transit, this residentially designed urban centre offers an unparalleled chance to strike the perfect work-life balance. 

 

8.  Climate

 

Vancouver is blanketed with temperate rainforest therefore it sees its share of rain but the overall climate of the region makes it one of the most comfortable places to live in North America. Vancouver is easily the warmest city in Canada throughout the year. Very rarely does the temperature drop below 5 degrees during its winter season while the rest of the country is experiencing minus 15 to minus 30 degree conditions. The summer months can get hot and even more hot in the valley which is an hour outside of Vancouver but it won’t be unbearable. 

 

9.  Growth

 

Over the past 20 years, Vancouver’s growth has been extraordinary. The huge influx of immigrants from around the world and the 2010 Olympics has helped to ensure that business and expansion will continue in this growing city. This means any investment in Vancouver real estate will make good financial sense as well because the more the population grows the more lucrative real estate becomes in this city. 

 

10.  Nature

 

Last but definitely not least of the reasons to buy Vancity real estate would be complete without mentioning it’s abundance of nature. Vancouver is by far one of the most naturally beautiful metropolitan cities in the world. The mountains, trees, lakes and beaches make this place the perfect location for outdoor enthusiast. Even if you live in the downtown core you are a short walk from the sea wall that takes you from Coal Harbour through Stanley Park (3rd largest urban park in North America) all the way to Spanish Banks (by UBC) which is 13-15km in total. 

March 16, 2017

Feb 2017 Fraser Valley Realty Report

March 16, 2017

Feb 2017 Greater Vancouver Realty Report

March 16, 2017

Feb 2017 Metro Vancouver Realty Report

Jan. 5, 2017

Dec 2016 Fraser Valley Realty Report

Dec 2016 Fraser Valley Realty Report

Jan. 5, 2017

Dec 2016 Greater Vancouver Realty Report

Dec 2016 Greater Vancouver Realty Report

Jan. 5, 2017

Dec 2016 Metro Vancouver Realty Report

Dec 2016 Metro Vancouver Realty Report

Jan. 5, 2017

A Heated Year for Metro Vancouver Real Estate Draws to a Close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015. 

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 per cent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.

Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.

 

Report courtesy of the Real Estate Board of Greater Vancouver. Download the full stats package by clicking here.

Sept. 7, 2016

If You Are a Foreigner you’ll have to Pay 15% more for a House

vancouver 15 percent tax on homes for sale

The Vancouver housing market is considered one of the least affordable ones in the world. It seems that the government at the helm of affairs in the province has acted to even the playing field for Canadians who are looking to buy a house for sale in the area. The one way the government has tried to act on it, is by levying a 15% additional tax on all property bought by foreigners, and companies and corporations not registered in Canada.

Limiting Demand

There are two ways to make the price ratio in a market fair. One is to either increase the supply or to limit the supply. According to premier Christy Clark, this is an attempt at the latter. A 15% tax on condos and homes for sale will limit the number of foreign buyers who are able to afford such a property and leave more property available for acquisition to the locals of the country.  

Increasing Provincial Revenues

A report released two months ago highlighted how the revenue for the provincial government from property has increased by almost half a billion. This is a considerable jump from the last fiscal year and the increasing revenue is only likely to increase with this new tax kicking in this fiscal year.

According to statistics from the last fiscal year, foreign nationals were responsible for nearly spending $1 billion on property. At present while foreigners were able to afford housing in the area, locals who belonged to middle class families were not able to buy homes for sale in Vancouver

Despite the cash windfall that the move is expected to bring the reaction to the new tax has been mixed. Some people have hailed it as a wise move to make the housing market more accessible to Canadian buyers; whereas, some have criticized it for being a discriminatory tax being leveled against people based on their nationality.