Vancouver high housing cost may actually lead to serious problems according to experts. The director of the school of community and regional planning at the University of British Columbia, Penny Gurstein, warned high prices among real estate properties can create an economic and environmental concern. According to Gurstein via news1130;
"Young people and their growing families are being forced out of the city by high housing costs." She also added that "the exodus will have impacts on social services such as schools as kids move out of neighbourhoods, and the environment as people are forced to spend more time in their vehicles commuting into the city."
Though it has been celebrated by most sellers, critics are still concern about the high pricing being done in the region. This concern is likely related to the benchmark price for residential property in Metro Vancouver. It has seen an increase of 18 percent since 2014. According to the Real Estate Board of Greater Vancouver, the benchmark currently plays around $752,500, as per November report according to globalnews.
In line with this high price issue, some realtors would advise that buyers should be keen in searching and if possible look for many options. Though there still no greater concern for high prices among young individuals, experts are still concerned of its long term effect. That is why Gurstein suggested that, "There are several things governments could do to address the affordability problem, including creating incentives to encourage more housing and seeing what can be done to prevent properties from sitting empty."
Still up to now there are no indications that things will change or prices will even subside. It is said that the demand for houses is very high while the supply is quite low. Guess a buyer should really consider his or her option and even its location in order to solve some price issues within Vancouver real estate market.
