With the New Year in full swing, everyone is starting their brand new hunts for those things they’re looking for: cars and real estate. In Vancouver, however, the real estate prices haven’t dropped any, meaning that owning a home is still out of reach for anyone who has a regular local income. There may be jobs in Vancouver, but the only real estate that is available, is that which is priced above the average income of its residents. For those that are struggling to keep afloat in this busy city, it is the difference between being able to live in a home or not.
Before Christmas, the prices were so high that many thought that they couldn’t go much higher. Unfortunately, the New Year and come and gone and still the prices are climbing. It would be one thing if they were staying steady, but they’re getting higher with each report.
In the years before, people would flock to the city of Vancouver for the option of being able to get a job, something that was rare in the Eastern parts. That boom, while good for jobs, means that the real estate in the area was snapped up quickly and leads us to the predicament that we are in now: a house costs too much for the worker to be able to sustain himself on a regular job.
A Burnaby real estate agent claims that the price of a house in this busy city is up 12% from where it should be normally, and that increase is really being felt by those searching. Compare that to everywhere else in Canada (other than Ontario), where the price of real estate is decreasing to an amount that is manageable so that owning a home is becoming something that is actually possible. As those prices continue to fall and moderate themselves out somewhere in the middle, experts are watching the soaring prices in Vancouver and Ontario, openly admitting to the fact that there is no predicting them anymore, the prices and the market is entirely unpredictable. As you can imagine, it is gaining a lot of attention.
Due to the fact that people are continuing to flock to the city, however, house sales are still occurring, just at much higher prices. Those who are in the top 1% are having their homes, but that being said, the price that they would be looking at would be for homes that are more mainstream than normal. Therefore, everyone really is impacted by the real estate prices in Vancouver.
Whether you are a hard working mother of four that is searching for a small, modest home to best serve your children, or a young and single employee that’s getting all of the work experience that he needs, the price of real estate is something that we all need to worry about. It is forcing more people to rent for long term situations instead of investing their hard earned money in a home that would benefit them more in the long term. It’s forcing some people to move out of Vancouver entirely, meaning job loss and revenue loss for employer and employee both. It is becoming a very serious issue that is on the minds of residents as well as in the papers, on the Tvs and online.
Those who have no choice but to stay in Vancouver are turning to thinks such as co-owning a home or taking out more money from the bank in order to make ends meet when searching for a home in the first place, which leads to its own set of problems.
For those who are unaffected by the real estate market in Vancouver, the prices and the shock over how high they are going is nothing short of entertaining, but for those in the city, it is becoming a serious issue. It is changing lives and making living conditions very tough and tight for anyone looking for a home in Vancouver.