While Vancouver received the “Worlds Most Liveable City” award several years in a row, only losing its crown to Australia this year, it also has a less welcome reputation for being one of the most expensive cities in the world in which to buy real estate. In spite of this the city has remained popular with mainland Chinese and other foreign investors, which has resulted in real estate prices rising by around 6% annually.
The real estate market here began to show signs of slowing last year, but appeared to recover during the first half of this year before slowing again during the summer. The number of sales in the greater Vancouver area for May, June and July was below the 10 year monthly averages, but apparently this is a good thing.
Jay Banks, a top Vancouver realtor says “A strong seller’s market puts too much pressure on prices even in relatively affordable neighborhoods, and this could result in growing fears that Vancouver is in real estate bubble ready to burst. The recent moderate slowdown is a good sign, as a slight correction in prices points to a healthy market which bears no signs of future major downturn.”
He thinks now is a pretty good time to look at buying property in Vancouver, as real estate in the greater Vancouver area is growing at a sustainable pace. Banks does advise potential buyers to familiarize themselves with various Vancouver neighborhoods so they are aware of the differences in real estate market conditions. His website has lots of real estate news and analysis, as well as information on living and enjoying life in Vancouver.