According to Vancouver realtors and other real estate experts, Vancouver home and Vancouver condos will continue to rise in price. Metro Vancouver’s housing stock is expected to continue to sore for the foreseeable future.
The calibre of Vancouver homes and properties is one of the biggest reasons for the continued rise in demand and prices. Since 2000 prices have risen a whopping one hundred and twenty-eight percent and according to some this is due not only to the most commonly cited factors, but also simply because of the newer constructions and renovations.
According to reports, not only has foreign investment, population growth, and supply and demand helped to speed the growth of the market, but the significant investment in renos and new home and condo developments are also to be given their dues.
Renovation spending has been growing for some time as has the frequency of lots being bought for the land and small houses torn down to make way for newer homes.
Most importantly however is the major factor of the Vancouver condo market. Condos are now accounting for one in every two sales, a fact which has really changed the real estate market overall.
The average price for a condo is about $457,887. In British Columbia and Alberta, condos represent between twenty-five to fifty percent of sales in the residential arena.
In greater Vancouver the average price for a Vancouver homes for sale is still about $791,332. But price increases are also taking place in Kelowna, and other areas.
In Victoria, the average price went up 123.5 percent since the beginning of the year 2000. The average price thus rose from $225,731 to $504, 561.
Across Canada housing prices have risen 106 percent since the start of the millennium. The average cost of a home in 2000 was $163,951. Today, the national average come sin at $339,030.
Vancouver homes for sale are obviously at the top of the pile when it comes to prices. Yet Vancouver homes and Vancouver condos for sale continue to be gobbled up by investors.
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