Entering the housing market in Vancouver is, in a word, expensive. Not only do potential homebuyers face high costs of properties, they are also increasingly met with the twin barriers of high interest rates.
There’s no denying these numbers, Vancouver is facing a new reality and it’s time to adapt. There is, however, some good news. For a deeper dive on the Vancouver real estate market, watch the full video.
Placing limits and additional restrictions on Realtors is like shooting the piano player because you don’t like the tune. The problem of affordability is much more complex and deep than any of us realize.
Sotheby’s International Realty Canada recently listed a North Vancouver estate for $36.2 million, setting a new real estate record for the city. The home is a blend of West Coast architecture with Japanese influences.
Seven of the 10 most expensive neighbourhoods in Canada are in Metro Vancouver with Toronto Downtown, Oakville and Richmond Hill in the Greater Toronto Area positioned third, sixth and 10th respectively.
REM (Real Estate Magazine) is Canada’s premier monthly magazine for real estate professionals. REALTORS®, real estate agents, sales representatives, brokers, owners, administrators, and other real estate industry stakeholders read REM every month for news, analysis, and commentary on Canadian real estate.
REM is independently owned and operated, and is not affiliated with any real estate association or board.