Interest Rates Low for Q3 in Vancouver, BC
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2018 Housing Market Outlook for the Vancouver, BC, Area
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(Posted on Nov 16, 2018 at 11:21AM by Danielle Smyth)
Good news for investors in the Vancouver, BC, area! According to the Canada Mortgage and Housing Corporation's 2018 Housing Market Outlook, markets throughout the country “should see a moderation in both housing starts and sales in 2019 and 2020, while home prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth.â€They expect that trends will begin to move downward, from 193,700 to 204,500 sales in both the single and multi-unit markets. In addition, MLS sales should be somewhere between 478,400 and 497,400 units, with prices between $501,400 and $521,600.
This means now is a great time to invest, if you’re planning on breaking in to the multi-unit housing market. Income, job, and population growth are leveling off, which could indicate an increased need for apartments and two-family homes that would make for a solid investment.
Curious how trends like these might ultimately affect the market in BC? Get in touch with Marcus & Millichap's Vancouver office. Ask to speak with one of our experienced commercial real estate advisors, who will be happy to help!
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