For as long as there is private property, there will be eager buyers and sellers. However, the housing market often has its ups and down. Here’s a quick look at the current and projected state of the B.C. real estate market:
- Single-Family Homes
Over the past few years, single-family homes in the Vancouver area have been in high demand. This demand has driven the price of the average detached home to just over $1,000,000. Because this increase is due to demand rather than speculation, most experts do not fear a bubble.
- Multi-Family Homes
Since many first-time buyers can’t afford pricy detached homes, new condo construction is outpacing new detached home construction. Over the past several months, the price of condos has stayed relatively flat, and will likely go down as more are built.
- Employment Numbers
As far as the housing market goes, more jobs mean more homeowners. Though B.C. lost around 2,000 jobs last month, the general trend has been positive. As the employment numbers continue to improve, so will the B.C. housing market.
- Interest Rates
Since mortgage rates are currently at a 25-year low, thousands of prospective homeowners are jumping at the opportunity to take out advantageous fixed-rate mortgages. Though interest rates will go up in the near future, most analysts say that it won’t be by much.
Considering our vibrant housing market, now is a very exciting time to become a real estate professional. If you’re looking for excellent real estate classes, contact Real Smart Real Estate Training School. We offer plenty of classes for prospective real estate professionals in Vancouver, as well as online courses for students all over Canada. Call us today at (604) 229-2514, and take one step closer to a wonderful new career.
