How would you like to own an investment – your home – that increased in value more than three times (342%) in just under 20 years?
That’s what would have happened if you had bought a home in Greater Vancouver in the year 2000.The benchmark sales price in December 2000 of $334,840 had increased to a benchmark price of $1,479,000 by December 2018.
Population growth has driven price increases and the numbers are forecast to continue to increase.
Metro Vancouver is projected to grow by 1.2 million residents between now and 2041, for a total of 3.4 million by 2041 of 1.2 million more residents than are here now.
The area will remain nationally and internationally popular attracting a higher percentage of in-migration from other provinces and immigrants from around the world because of our mild climate and strategic location on Canada’s Pacific Rim.
For home buyers and real estate investors prices can only go up, since housing demand is forecast at 29,600 new housing units per year. While there will be dips, the overall trend will be upwards.
Single family homes will remain the most preferred housing type. But as the population ages, lower maintenance, higher density homes such as apartments, small lot, single-family homes and townhouses will become increasingly popular.
Higher density will be a fact given that Greater Vancouver is geographically constrained by the Gulf of Georgia, the North Shore Mountains and the Canada-US border. This results in high land prices and limited land available for development.
For home buyers and real estate investors, now is a good time to buy a property to take advantage of continued lower mortgage rates.
If you take the opportunity to invest today, 20 years from now you’ll be looking back on a great lifetime investment.
Contact Royal Pacific Realty for information.