Residents of both Canada and Vancouver can look forward to future housing and real estate trends as the nation's largest real estate company, Re/Max, predicts an exceptionally healthy year in 2014.
The mix of quantity and quality of the market will grow for the better, according to the real estate giant. Re/Max predicts that 2014 will bring more than 475,000 homes sold, with the average home price rising to a staggering $380,000 per unit. However, these numbers reflect the average price of homes in Canada, not the Vancouver area.
Fortunately, however, RE/Max offered numbers for the Vancouver metro area as well. They predict an increase from an average sales price of $765,000 to $800,000 across the board. That means the Vancouver area will hit a $35,000 price difference in 2014. This is great news for homeowners, but rather disappointing and discouraging news for home buyers looking to make a purchase in the 2014 season.
Vancouver is also expected to sell another 1,000 homes. Of course, if this follows the trend of last year's predictions, Vancouver could be in for a hot market in the coming year. In 2013, Vancouver saw a 10 percent increase in the overall home sales outlook.
The reason for this massive growth and warming of the market in 2014 will be directly the growth of this year. The overflow of market interest and economic stability will continue to contribute to home prices and a stable market next year in Vancouver and across the country. The 23 markets surveyed by Re/Max Vancouver are expected to see a solid 5 percent increase in average housing costs by the end of the year.
As Vancouver real estate grows in popularity along with population size, it will become harder to find homes and residents. The mountains and the ocean create a barrier that prevents further expansion of the city. Therefore, apartments and condos will be in high demand next year. Obviously, this will also lead to an increase in price, which may make entry more difficult for first-time buyers.
According to Re/Max and other real estate trend forecasters, now is the perfect time to buy real estate in Vancouver, and that's only for the next year
