Which property has the best price for a decade-long period?
Vancouver real estate continues to be one of the hottest markets in Canada, with an average price increase of nearly 20 per cent a year since 2009.
But there are also some areas of the country where the market has fallen behind.
In Vancouver, home prices have dropped almost 30 per cent from their peak of more than $1 million in 2012.
Home prices are now the third highest in the country after Calgary and Calgary-Elbow, according to data from real estate website Zillow.
And while that is not a huge price drop, it is one that could be hard to reverse.
In a market where demand is rising, it can be tempting to push up prices.
But in Vancouver, the average price for single-family detached homes fell nearly 30 per, in the first quarter of this year compared to the same period in 2017.
“The market is clearly in a period of adjustment,” said Stephen Smith, president and CEO of Zillows, which compiles data from thousands of real estate websites.
“There is a lot of pent-up demand, but the market is still recovering from the recession, and it will continue to do so.”
In some places, home sales are down.
For example, prices in Vancouver are now down 6.6 per cent in the last three years, compared to an average increase of 6.3 per cent over the same three-year period last year.
That’s a pretty dramatic fall, and could be a sign of things to come.
Zillow says it has a team of experienced salespeople who are ready to help sellers make the transition to new homes.
It’s not just home sales that are falling in Vancouver.
Sales in the city have fallen in the past year, with prices down 15 per cent.
“A lot of people are starting to get discouraged, they’re starting to look at the market in Vancouver and saying ‘I want to sell,’ Smith said.”
But I would argue that if you go to the most attractive parts of the market, you are starting from scratch.
You’re getting the basics of the city, the city has changed, the amenities of the area have changed, you’ve got new things to do.
“In the city of Vancouver, you’ll find a lot more competition than ever.”
If you’re looking at what’s happening in other cities around the world, there are a lot fewer opportunities for buyers,” Smith said, adding that people are buying in cities that are starting out and not necessarily looking for homes they’re going to have to live in.
And that’s not necessarily a bad thing.”
I think the market could do better in a couple of ways.
If you look at Vancouver, there is definitely a lot to be gained from selling in a city like that,” Smith added.”
It’s a very attractive market, but we need to build more houses to match the demand for housing.
“Smith says the best way to avoid a housing market slump is to do everything possible to boost the supply of homes in the area.”
You can’t let the market drive prices up in the marketplace.
You can’t force people to buy homes, because that would drive prices down,” Smith explained.”
So I think that you should look at all the options available to you, whether it’s through public policy, through incentives and programs that have been developed in the Vancouver area, or through some combination of both.
“There are many reasons why home prices in the Greater Vancouver area are so high, including low taxes, the high cost of realtors and a large pool of foreign buyers.
But some are starting a new trend of looking at the value of the home in terms of the amount of money it could sell for.”
We’re starting a whole new era of looking and thinking about value, whether that’s in the form of the price of a home or whether it is the amount the buyer is willing to pay,” Smith told CBC News.”
Now we’re starting this process of looking for the new home and then deciding on the amount that the buyer will be willing to spend on the property, so that is a much more efficient way of spending money than it is to spend money on a car or a house.
“Zillows says that while prices are rising, they are still in the middle of a recovery and that prices will continue their upward trend.”
When you see an increase in prices, that’s a good sign, but it’s also a sign that the market can recover and people should expect that there will be more new homes available to purchase in the future,” Smith stated.
For the time being, though, Zillers research shows that there is a shortage of new homes in Vancouver that are priced well below the market average.
A new report on the L.A. real estate industry shows a troubling trend in which local and regional leaders are being bought and sold to finance more homes for investors, and the developers who own them, at lower prices.The LA Times, which is owned by the Times Co., reports that over the past five years, property developers have been buying up land at below-market prices. This trend is particularly prevalent in Southern California, where the market is already experiencing the worst housing shortage in at least a decade.The Times