The
Canadian real estate market, and to be more specific, that of
Vancouver, can be very fickle and unpredictable at times. That said,
there seem to be a few factors that can significantly influence the
market and these things have remained constant throughout the years.
Suffice to say, big changes in a particular city often have an effect
on its real estate industry, either for the good or bad.
When
it comes to Vancouver, job
availability
is one of the biggest factors that influence the prices of residential properties. The logic is simple: people prefer to buy,
rather than rent, properties if they have the money and increasing
their spending power also means that the demand for houses and condos
for sale also increases. This factor is also affected by immigration,
because the influx of people in a particular city also increases the
demand for jobs. By combining these two factors, people can expect
prices of Vancouver properties to increase if there is high migration
and job availability.
Interest
rates
and bank
regulations
also play a role in shaping real estate prices, but the rate that
these two can change is also unpredictable. If interest rates are
high and banks are stricter in collecting payments, then it can be
expected that people will have a harder time paying their mortgages,
making it more challenging to own a real estate property.
0 comments:
Post a Comment