Vancouver is consistently one of the best cities to live in the world. The The Global Liveability Report 2017, puts Vancouver at #3, The UK based Independent 2018 article ranks Vancouver #5 (Independent – 2018 Best Cities). The Economist has ranked Vancouver #1 in the past (Point Grey Now – Vancouver Best City)
Being one of the best cities in the world has a price. Real estate is always a hot topic in Vancouver. Over the last couple years, new regulations, taxes & fee changes have ben put in place to regulate the market.
A recent report put out by the Vancouver Sun (https://vancouversun.com/news/local-news/metro-vancouver-2018-home-sales-lowest-in-eight-years-rebgv) has indicated that 2018 Metro Vancouver home sales were the lowest seen since 2000, 25% below the historical average. Despite the drop in 2018 sales, there has been near record building activity. Upcoming multi-family homes are being completed, ready for purchase. Whether this affects the market is to be seen.
The real estate market is much more than a few extra projects coming onto the market. What is in store for 2019 is very difficult to predict. Supply & demand are affected by interest rates, world market conditions, local market conditions, government regulations and general overall sentiment.
Even amongst authorities in the real estate market, there are conflicting views with regards to the Vancouver real estate market. The Canada Mortgage and Housing Corporation has gone on record and predicted a stronger sales year for 2019 when compared to that of 2018. In contrast to this, the Canadian Real Estate Association has forecasted an even further drop in sales, building on the drop in 2018.
Is there a housing bubble? Bearish individuals may say yes. Many media outlets disagree, and insist we will not see a massive crash that some have predicted to be coming for years. Maybe it’s a great time to buy. A softened market in 2019, thanks to the sales declines of 2018, may be the perfect time to buy that piece of land, contact Clay Construction, and build the custom luxury home you have always dreamed about. Get that land now. Besides Hawaiian volcanoes and a few dump trucks, the world isn’t making any more of it.