VANCOUVER —
The real estate market in Vancouver had its best September on record this year in terms of the number of homes sold. This is typically great news for the real estate industry and the city, notwithstanding the effects that the Coronavirus has had over so many industries for more than half of the year now.
The Real Estate Board of Greater Vancouver says 3,643 were sold in September this year, up 56.2 percent from the 2,333 sold in September 2019.
Sales were also up 19.6 percent from the 3,047 homes sold in August.
The MLS home price index composite benchmark price for all residential properties hit $1,041,300 in September, up 5.8 percent from September 2019.
Real estate board chairwoman Colette Gerber says that while a wave of homes hit the market last month, it was not enough to keep up with demand and low supply has pushed prices higher.
Gerber says low-interest rates and changing housing needs during the COVID-19 pandemic have also influenced the market.
There are a number of other reasons that contribute to the increase in real estate demand. “Things have really picked up since September, with a lot of people reentering the real estate market,” says Ron Parpara, a top Vancouver real estate agent. These include the fact that the country’s demographics are rapidly changing, meaning that the number of potential buyers is on the rise. The influx of foreigners who are interested in buying a property means that the cost of real estate is going down. And, finally, there are also various economic benefits that come with the investment, including tax breaks, government incentives, and even free land for housing projects.
While there are many different reasons why people should look at the increasing interest in real estate in this country, one of the most important ones is that the current situation will change very soon, meaning that the real estate market may not be around for too long. When the situation changes, people will have a very different outlook on real estate and the prices it fetches. This means that they might have to start looking at new strategies and consider new sources of investment.
So, what exactly does a person who’s looking to invest in real estate need to do in order to make sure that they get the most from their investment? A good real estate investment plan is one that’ll involve making decisions based on several different factors. One of these is deciding where they’ll put their money. This is because that decision will determine how they’ll get the best returns. In this regard, it has been seen by investors that real estate in Vancouver gives them the best possibilities of returns.
In general, investors should make sure that they’re always looking at different properties, regardless of whether they’re in a different region or part of the country. This way, they’ll get the most out of their investment, whether it’s in real estate in a new building or in a project that’s not finished for a longer period of time.
This report by The Canadian Press was first published Oct. 2, 2020.
