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.
While the appeal of clean urban living has many investors and aspiring residents looking over the many homes and affordable condos for sale in Vancouver, it must be noted that the area’s real estate market is as diverse as the city itself. As detailed in an article by Wyatt Arndt published for The Province last July 28, 2014, Ray Harris of the Real Estate Board of Greater Vancouver has this to say about the current status of the real estate market:
“The stats show that there is and was pent-up demand that is starting to be fed since 2013. A lot of sellers are still sitting on the fence and not bringing homes on the market because they’re waiting for the market to accelerate a little bit, however.”
So while the market is in a slow upswing, some people are holding off on selling hoping for a better return. What does that mean for the market?
“We’re seeing pockets of pent-up demand. That’s why there are certain areas that aren’t doing well, they’re doing OK, but they’re not moving. In other areas, they’re really moving. There are pent-up demands in different areas.”
The article continues to detail how there are really no specific reasons why homes and condos for sale in Vancouver can be high in demand in one area, while another is not as much. This is apart from the assumption that area-concentrated development is what drives its current demand.
While the city is highly developed, progress continues to happen at an impressive pace in Vancouver, and the better and nearer amenities are in one area, the higher is the demand for its real estate. That is why it is important to work with a real estate professional from leading companies like Vancouver Canada Homes.
By relying on the experience and expertise of a real estate professional, a buyer or investor can get a clear understanding of which areas are considered “up and coming” in terms of development, and can purchase before the demand becomes too high. On the other end, they can also be advised if it is good to wait for the demand in a popular area to die down.
(Source: ‘Pent-up demand’: There’s no real ‘rhyme or reason’ to Vancouver’s real estate market, The Province, July 28, 2014)