While housing activity appears to be slowing in 2018, real estate agents working in this western Canadian market aren’t worried. Just under 50% of ReMax agents surveyed by MoneySense believe prices will continue to rise this year, while another 40% felt prices would level off. What’s shocking is the percentage of agents who admitted to working with buyers who were searching for investments rather than a place to live. Just over 35% of realtors reported working with investors who were looking for good rental opportunities, while 12% were working with buyers who just wanted to “park their money.”
That’s a tough break for buyers in this market who must now content with lower inventory, higher demand, consistently high prices and, finally, tougher mortgage regulations.
Still, for those dreaming of owning their own single-family home, this 2018 market can seem daunting. You could downsize your property size and type or you could opt to buy a home based on solid fundamentals. In real estate, this means finding good-value neighbourhoods that offer a better-than-decent chance of continued momentum in the future. True, this is harder to find in hotter markets like Vancouver, but it’s not impossible. This year’s Where to Buy Now in Vancouver in 2018 list shows us that buying based on these strong fundamentals is possible, whether your search is in Vancouver’s core, inner suburbs or outer communities.