A trying economy is proving to be a good teacher for Vancouver residents, bringing a 20th-century trend back to life.

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Would-be condo owners who are also dog lovers, take note: Some developers in the Metro Vancouver area are starting to design their condominiums to be more dog-friendly. A Vancouver Sun article notes that even as a growing number of residents look into the possibility of living in an apartment or condominium, quite a number of prospective buyers still find it difficult to choose a condo because many properties have certain restrictions as regards pet ownership:

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Vancouver’s real estate sector has seen some substantial growth this year, thanks in part to more reasonable mortgage rates and a low turnout of vacant residences. As such, prospective homeowners looking to settle in the ‘Couve as well as tenured residents who wish to escape the never-ending cycle of monthly rental payments might want to take advantage of these conditions, whether they plan to acquire properties for residential or rental income purposes.

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In the last year or so, growing demand from buyers and even long-time residents of other neighborhoods has turned Vancouver’s East Side into a prime real estate location. Real estate companies and buyers are well aware that properties in this part of the city are slowly catching up with high-end West Side counterparts in terms of prices.

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There’s no question that Toronto, Calgary, and Vancouver real estate market conditions are getting ‘hotter’. However, in an interview with Financial Post writer Garry Marr, Bank of Montreal chief economist Doug Porter cites that market conditions outside these three major cities leave much to be desired. Porter implores the public to stay calm and let the real estate figures speak for themselves:

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Real estate rates in Vancouver set record highs as the city continues to establish its dominance in the global housing market. Experts believe that an influx of foreign investors contribute to this shift, with a recent New Yorker article by James Surowiecki claiming that:

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Vancouver Sun reporter Derrick Penner writes about the recent trends in British Columbia’s housing market that indicates how the near future looks to be a seller’s market:

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Real estate activity throughout the country was high in June, and Canadian real estate experts are generally optimistic that the trend would continue towards the end of 2014. The Canadian Press reported that home sales were up by 0.8 per cent, which were also 11.8 per cent higher when compared to last year. While experts are split as to how the Canadian real estate market would eventually turn out in the future, they do, however, agree that the industry is still the best it has been for years.

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The province of Vancouver is arguably the most recognised city in British Columbia, and one of the most popular in the entire country of Canada. While the city is the most densely populated area in the country, it has also been hailed as one of the cleanest cities in the world. The city’s urban planning is characterised by high-rise residential and mixed-use development in urban centres.

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When discussing the differences between renting a property and investing in one, the argument commonly swing in favour of the other depending on when the property is needed, and how much of a budget is available. Renting is commonly most favourable when there is an immediate need for a place to stay and the individual’s finances does not allow for any form of real estate purchase.

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