Vancouver home prices have seen a modest growth of 1% for 2020. This city still stands as the most expensive place to live in Canada. With the current health crisis, the supply of real estate has been further depressed. Some weary sellers are pulling their listings from the market and as such prices can get even higher. What will you find for sale in Vancouver?
Types of Real Estate Available for Sale
You will find many a condo on sale in Vancouver. If you are looking for a single-family home, you will be able to find your fair share of those as well. That is of course if you can afford it. But if you are searching for a townhome, you may be up for an uphill battle. There are multiple reasons for this.
In Vancouver, we can see clearly, that there is a difference between what people want and what they can afford when it comes to real estate. Vancouver has not built a lot of townhomes historically and this affects the market in more than one way.
Within the past few years, there has been new zoning in Marpole for example that just allowed the building of townhomes. Other than availability, there is also the price factor. Buying a single-family home is too expensive for most families and buying a small condo won’t provide adequate space.
Families may have some hope in the future for purchasing two and three-bedroom townhomes princesses less than 2 million and ranging in size from 631 to 1840 square feet. The last decade shows that a lot of families have left the city of Vancouver due to the cost of real estate and their inability to find appropriate housing at affordable costs. This solution will provide families with the opportunity to get a home that is bigger than a condo but still more affordable than the typical single-family offerings in the Vancouver area.
Change is the new constant in the current real estate market. And all stakeholders are feeling this currently. We are all weathering the storm and hoping for the best outcome, always ensuring that safety is the priority. Some of you must still brave the Vancouver housing marketing during this crisis. Here at SilverBeam Homes, we can help. If you are wondering “will Vancouver house prices ever drop“? Maybe it is time for you to look at alternatives.
Get in touch with us today, and let us know what your needs are. We can help you navigate these changes both safely and effectively.