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:
When price-to-income or price-to-rent ratios get out of whack, it’s often a sign of a housing bubble. But the story in Vancouver is more interesting. Almost by chance, the city has found itself at the heart of one of the biggest trends of the past two decades—the rise of a truly global market in real estate.
[…] A torrent of capital from wealthy people in emerging markets—from China, above all, but also from Latin America, Russia, and the Middle East—has flowed into the real-estate markets of big cities in other countries, driving up prices and causing a luxury-construction boom. A recent report by Sotheby’s International Realty Canada examined more than twelve hundred luxury-home sales in Vancouver in the first half of 2013 and found that foreign buyers accounted for nearly half of sales.
Vancouver is tagged as one of the best cities in the world to live in, with a booming cultural, social, and economical heartbeat. CNN also included Vancouver in its list of the world’s 10 healthiest cities, and a fusion of these factors continue to make the area prime land for prospective residents. Kitsilano is a great example of why Vancouver is a globally prominent city. As they are in one of the most popular places in Vancouver, quality Kitsilano houses for sale are in demand due to the proximity of the neighborhood to the beach, park, museums, and shopping centers, thereby making the Kits a go-to destination for both locals and visitors. Its real estate landscape is a combination of condominiums, detached homes, and town houses catering to young professionals and families alike. As a serious competitor to downtown Vancouver, getting a place in Kitsilano is a point of pride for its residents.
While there is a high demand for affordable Kitsilano homes for sale and other houses in Vancouver, clients looking to purchase real estate may be in for a challenge due to the steep price tag of some real estate listings. That’s why real estate brokers such as Vancouver Canada Homes are invaluable in navigating the Vancouver housing landscape and making the right decisions for those who want to live in one of the finest cities today.
(Source: Real Estate Goes Global, The New Yorker, May 26, 2014)