Anyone with any knowledge of the West Vancouver real estate market and Vancouver realtor knows that the place is enjoying a lot of attention from people of neighboring cities and buyers from various foreign countries. If you are planning a property purchase in the place, you must be curious to know how the West Vancouver real estate market compares with that of other places. Read on to get a brief idea about the same.
Vancouver is one of the most livable places in the world, and you will not find too many properties within the budget segment. This is basically the reason why condos are getting more and more popular in the place. The cost of condos are typically similar to that of 1994, which is impossible apparently but makes a lot of sense when you consider that the size of typical condos is getting reduced with time. An average condo is around half the size of a mid-90s counterpart in Vancouver.
The slump in housing and construction after the 2008 recession has led to a shortage of supply – as far as properties are concerned. Many West Vancouver realtors say that the West Vancouver real estate market is going through a classical phase of shorter supply and higher demand at present – which is a big reason why property prices are skyrocketing in this place. The higher number of property buyers is not being matched with enough housing activities.
Increase in home buying
Although it sounds peculiar, the home buying activities in the place are going through a boom phase. There has been a spurt in home purchase activities and this is going to last for a while, considering the intervention of the Federal Reserve and a subsequent reduction of mortgage rates by a substantial measure. With lower mortgage rates, even marginal buyers will be able to qualify for home buying.
More reliance on online tools
The reliance on online technology and tools is greater in places like West Vancouver, which is especially the case with any city which has many foreign buyers coming in for settlement purposes. Integration with MLS Vancouver always helps. At present, there are many real estate agencies with own websites consisting of 3 D images of properties, powerful software apps to send notifications to smartphones and other portable devices, email communication and SMS marketing among other useful tools. As a foreign property buyer, you can easily get news and notifications about the types of properties you are interested in.