According to a video clip by Barbara Yaffe for Vancouver Sun, the future seems promising for the real estate market in Canada.
As mentioned in the clip, more people are expected to rent or more buyer will prefer suburban areas. More investors are also expected to pour in from Asia, Europe and the United States as these investors will take advantage of the lower Canadian Dollar. On the other hand, no one is foreseeing a decrease in property prices. Lastly, it should be noted that Vancouver is considered "a bright shining star on many levels when it comes to real estate."
In other words, these are the trends expected to be prevalent in the real estate market this year. According to Vancouver Sun, Darren Kwiatkowski, executive vice-president of Shape Properties, has expressed in a real estate conference in downtown Vancouver that she, too, agrees that Vancouver is a very good location when it comes to real estate.
Jon Ramscar, senior vice-president of Jones Lang LaSalle Real Estate, even added in support of Kwiatkowski's projection of Vancouver, "We're in a low-risk market. Vancouver is a secure and safe place to put money."
According to data provided by TD Economics, the Urban Land Institute expects that the ratio of average Metro Vancouver home prices to average incomes will be the same as in the last year and that is 11.6:1. Nevertheless, it is higher than 2014's 10.8:1 ratio.
On the other hand, more people are expected to move to the suburban areas. So, according to Vancouver Sun, Director Ryan Berlin of Urban Futures, the Vancouver-based research and consulting firm Urban Futures, agrees that both home owner and renters are increasing in number adding that elsewhere there are 34 percent renters and 66 percent while in Vancouver, 51 percent of the population are renting. Concluding that prices are encouraging people to move away from Vancouver or just rent.
Kwiatkowski predicts that the future is bright for the suburban areas of Burnaby, Richmond, Coquitlam and New Westminster.