Vancouver BC Real Estate - to buy or not to buy?

The pre-sales and assignments of new condos in downtown Vancouver are showing prices between $550 to $750 per square foot. In the Coal Harbour area and South False Creek Millennium Village, prices are heading the $1,000 per square foot range. Vancouver prices are way higher than new condos selling in downtown Toronto which are selling at $300 to $350 per square foot. Home buyers in Vancouver are facing a tough decision whether to buy now or to hold off buying to a later date.

Real estate prices world wide have appreciated over the past 6 years due to excessive liquidity. Housing analysts are estimating that as much as 25% of real estate purchases are bought by investors and speculators. The easy credit and strong demand for real estate over the past few years have pushed up house prices to level that cannot be sustained. Many home buyers can only afford older housing units or homes that are priced lower and further away from the city centers.

For many home owners, home ownership means living in apartments. Many are hoping that they will build equity to enable them Trading up to a better or larger home a few years down the road. Whether it is better for someone to buy a home now or continue to rent is difficult to say. Many real estate expects in Vancouver had been calling the market top for over 2 years, the housing market is not showing any sign of slowing down.

If you like to have more information on the Richmond housing market, kindly contact James Wong 604-721-4817.