Housing sales and prices in Vancouver have been experiencing a boom in the past year or so, and this performance is being forecasted to continue well through 2015. The annual “Emerging Real Estate Trends” report, conducted by both the Urban Land Institute and PricewaterhouseCoopers, shows evidence that the strong market performance will remain unabated.
Business is Booming
One of the major contributing factors to the stable housing market is an abundance of employment opportunities in the city. The Conference Board of Canada predicts that Vancouver will lead not just the country, but most major cities in economic growth for the next three years. According to their data, overall economic output has been increasing by a robust 3.2 percent annually.
This growth is helped in no small part by the Greater Vancouver area’s burgeoning technology industries. Forward-thinking businesses are attracting talent from all over the world to move to Vancouver and contribute to the region’s success.
Another element fueling growth is the rising popularity of urban living. Downtown condominiums are becoming a popular housing choice in the city, especially with Vancouver Westside real estate. Condos in the area have been snapped up because of their proximity to work and downtown life.
Vertically-focused condo buildings are an increasing choice for not just young, single professionals, but also for families who want access to good schools and a rich social community for their children to grow up in. Core urban areas are becoming hot spots for localized development, bringing revenue to mom-and-pop small businesses as well as trendy boutique retailers and restaurants.
A Solid Investment
All of this healthy growth has prompted investors from around the world to remain bullish about Vancouver property holdings. Houses, condos and land in the city is seen as a hot commodity, as well as a stable place to invest assets. Vancouver’s diverse economy has caused many to identify it as a “hedge city” that provides security in the face of global uncertainty.
This positive climate has not just attracted investors with deep pockets, either. First-time home buyers are a strong demographic in home sales, drawn in by low interest rates and other such incentives. Any property purchased by these young home owners is expected only to appreciate in the coming years, adding equity and a handy return profit should they decide to sell down the road.
To get in on this exciting atmosphere of growth and development, you can take a look at local Vancouver property listings. There are a multitude of houses and condos available to suit the needs of any worker, family or investor.