There are indicators that the steady increase in housing prices in the Vancouver Real Estate market could be heading for a corrective lowering in the near future as other areas like Toronto start to attract more interest. Real Estate pundits offer a variety of reasons for the impervious Vancouver market, but there remain concerns about what will happen to the market when the interest rates are adjusted in 2013.
Will Vancouver continue to be a growth market in the near future, is this still a great place to invest in holiday homes, retirement properties and foreign investment.
There has been much speculation about how Vancouver has remained unscathed by the economic woes that have created bubble and burst problems world wide in the housing industry. Vancouver has remained a strong, stable market with property prices in general rising during a time when some markets have been nearly completely destroyed.
Vancouver has long been rated as one of the best cities to live in and makes the top of most of the Best Places to Live lists worldwide, year after year. This beautiful port city offers some wonderful amenities and attractions, as well as close proximity to both the Pacific Rim and the US, making it an attractive market for the foreign investor.
During the world’s economic downturn, Vancouver has been a growth market in a number of industries, one of the most famous being its position as the “North Hollywood” as it has become a film and television production center. The financial industry and technology associated with the film industry have attracted both companies (including headquarters) and workforce. The strong work force offers an educated, healthy and vital labor pool, making this an attractive market for expanding companies.
The active living opportunities in the area are a great draw for tourists, retirees and immigrant investors. The cultural diversity and cosmopolitan feeling of the pretty port city make it attractive for potential buyers.
The strong immigrant investment pool in Vancouver, which requires $1.6 million in net worth and an investment of at least $800,000 in the property market, has helped keep the prices on a steady rise. The lack of speculators, or house flippers in the market has also helped keep the prices rising and the market more stable than highly speculative markets.
The use of Vancouver as a backdrop in films, television series and independent production has also increased interest in the area. The wildly popular Twilight series, as well as both Feature and independent film success have plunged this area into the media, and attracted film buffs and star gazers of the celebrity kind.
The elements that have led Vancouver to be a strong, stable market, are not likely to change in the near future. The economic development in the area is still strong, jobs are plentiful and the labor pool is active and well educated. The rising Chinese millionaire population continues to view Vancouver as a strong location for immigrant investment. The burgeoning retirement population looking for active living rich in cultural diversity and the cosmopolitan cultural offering of the city are likely to keep interest in the Vancouver market strong for some time.