As we head into the spring market, navigating decisions around real estate can be tricky. With respect to real estate there are always 3 decisions to consider:
Buy: Investing in real estate in Vancouver remains a solid long-term decision, especially with the stock market at all-time highs and projected decreases in interest rates. Vancouver’s status as one of the world’s most desirable cities ensures continued demand and potential for appreciation. I would look at buying properties within Vancouver’s city proper near skytrain stations and future transit sites. For condos I would suggest buying in older buildings with low price per square foot that may be considered having strata wind ups and potential developer buyouts down the road.
Sell: In certain sub-areas, move-in ready detached houses priced under $3,000,000 are in high demand. For instance, we listed a home at $2,800,000 in Mackenzie Heights recently which garnered 19 offers and sold for over $3.2 million. However, it’s worth noting that Westside luxury detached houses have yet to reach peak market prices from July 2016, so we feel there is pent up demand and room for prices to increase further.
Hold: Vancouver’s limited inventory of detached houses, coupled with changes in density regulations favoring multiplexes, suggests that single-family homes will continue to appreciate relative to the market. Despite fluctuations, holding onto properties, particularly detached houses, presents long-term value opportunities in the Vancouver market.
Ready to explore how these market insights can guide your real estate decisions?
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Let’s connect over a coffee or a quick phone call to discuss your specific needs and objectives. Whether you’re considering buying, selling, or holding onto property in Vancouver, I’m here to provide personalized guidance and strategic solutions tailored to your goals.