This week Royal LePage released the results of its latest house price survey and was met with some mixed emotions from the rest of the real estate world. The survey showed that house prices will increase to 4.4% in Metro Vancouver area over the course of the next year. That would jump the average home price up to $801,000. Good news for homeowners but bad news for home buyers. But what is the likelihood of that percentage point becoming a reality in Vancouver?
According to other real estate experts, this number may be a bit too reaching for the current market in Vancouver. For example, Sandra Wyant the president of the Real Estate Board of Greater Vancouver expects there to be a slight drop-off of momentum during the first part of 2014 heading out to the rest of the year. This corresponds with Central 1 Credit Union’s forecasts for prices to only increase by 1 ½%. In contrast with last year’s 2% increase in home prices a 4 ½% increase would be drastic to say the least. While forecasters are attempting to wage bets on what they can expect over the course of the next year, Vancouver residents simply want to know how it will affect their investments and their future.
For one, you can expect it to increase the confidence of the buyers and sellers in the market in Vancouver. When individuals see the price of real estate edging northward they feel more confident in making a purchase and often feel rushed to make the decision now before prices increase even further. Of course, the price of homes is directly affected by the job growth in Vancouver and its residential influx. With more and more families moving to the suburbs of the metro area the price of real estate is fluctuating both in the suburbs and in the downtown areas.
Certainly the price of Vancouver homes has been pushed forward by immigrants and residents alike, but for those living and working in Vancouver a sharper increase can result in drastic consequences for their families. Living in Vancouver hasn’t gotten any cheaper and according to analysts the trend will only continue as the city continues to grow. A further increase in the price of the average home will dramatically affect every community, neighborhood, and family currently residing in the metro area. Let’s just hope it will have a positive effect.
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