Reasoning Behind The Increase In Real Estate Prices In Vancouver
The New Year has come and gone, and still the house prices in the vast city of Vancouver are high and climbing every higher. Vancouver realtors, like Dave Jenkins, that are watching the numbers say that there is no telling when the number will stop rising, or what it’ll be when it finally does teeter to a stop. For those that are worried about buying a home within the city limits, you have a right to be so. Many people are being beat out of owning a home even when they put an offer on one that is above their price range, because people with bigger pockets are coming in and taking over the market, bumping those little fish out of the way so that they can have what they want, too. That’s not to say that those bigger fish are mean, they’re just coming to the market with more to offer home owners that are searching for the best price possible when selling.
What everyone is wondering as this price continues to climb, is why it is, indeed, climbing. The main reason that this number is increasing with each release is because of the supply and demand. There are happy job hunters flocking to the city to work and earn whatever money they need from all of the job oppourtunities that exist. These people, after staying in apartments for a year, or maybe two, are looking for a more long term solution that will allow them to make better use of their money, so they turn to the real estate market, which allows them to work hard and keep more of that same money.
They turn, then, to buying a house and the more people that are searching to buy a house, the higher the house itself becomes. The market increases, and then before you know it, the prices are astronomical and sending many people home from a house viewing with the shake of their heads.
Another reason as to why the number is so high for a house, is the idea that there is supposed money laundering going on, an agreement between the Chinese and the real estate market. As they pour money into the stocks, the price goes up. It is a theory that many people have latched onto and want investigated. If it is true, the prices should decrease once everything is sorted out. This takes time, though, and meanwhile the prices continue to climb.
The main reason for the price increase, however, is due to the fact that there are just too many people in Vancouver. The city is only designed to sustain so many, and right now, the city is at its full occupancy level. As it is one of the only cities in Canada with a good amount of jobs, people are there in search for a career from all around Canada, let alone those from around the world. It is tough times in the career market, which means anyone and everyone is looking for work in the wide streets of Vancouver.
Whether the cause of the real estate price increase is the supply and demand idea, the suspected money laundering between the Chinese and the real estate stocks, or the idea of over population, the problem is still there, and it is getting worse with each passing week. All eyes are on the prices as the world starts to wonder if the price is ever going to fall to a reasonable rate in the near future. Those trained in business and marketing know that it’s only a matter of time, but no one seems to know when the “time” is going to be. All there is left to do, now, is wait and see what people do in the mean time while they wait for their dream of owning a house to become a reality.