Is Now The Best Time To Buy A Home in Vancouver

The housing market in Vancouver is still extremely hot, due in part to the many people that have been moving to the city over the past few years. Vancouver remains one of the most popular destinations in the world for people looking for a fresh start and it doesn’t appear to be slowing down any time soon. However, with concerns over a crash in the Canadian economy looming, is now the best time for you to purchase a home in Vancouver? The short answer is: yes, it is still a great time to buy a Vancouver home! In this article, we will inform you of why it is still a great time to purchase your dream home in Vancouver!

Prices Have Cooled...For Now.

The Vancouver housing market has been one of the hottest markets in Canada and in the world. With large businesses moving into the city bringing more employees and opportunities for growth, the city has experienced a large boom for the last decade or so. With the housing market getting so competitive, large bidding wars were happening all over the city, which in turn drove up prices for homes and condos in the city. Recently, Vancouver has seen less of the bidding battles for residences and the prices that were hot have started to cool. With prices finally settling down, now may be the perfect time to strike before another increase happens. Higher taxes on foreign buyers has also helped cool things off in the housing market, causing price slashes of up to nearly 15%.

There Is Still Plenty of Housing Available in Vancouver

It was reported by the MLS in Metro Vancouver that in October of 2019 there were 4,074 newly listed detached homes, attached homes, townhomes, and apartments. That may have been a slight decrease from the previous month and the previous year, but what this means is that there is still plenty of housing in Vancouver and new housing isn’t necessarily slowing down at a high rate. As more of the neighborhoods in and around Vancouver are getting built up with apartment buildings, complexes, townhomes, and condominiums, there will still be enough housing for the nearly 300,000 immigrants that will come into Vancouver annually.

The U.S./China Feud May Help The Canadian Economy

The trade war between the United States and China that has been happening since 2018 has had an adverse effect on the Canadian economy. Generally, what is bad for the United States is bad for Canada. However, things have started to cool down between the two parties and this could end up being a great thing for the Canadian housing market and the overall economy. The lull in the American economy has helped with the pricing of Canadian homes and stabilize the market. Keep an eye on the American economy and how they will continue their relationship with China, as that could serve as an impact to the Canadian economy and most importantly, the Vancouver residential housing market.