If you’re looking to relocate to Vancouver in 2022, or even on the lookout for a vacation home, you may be wondering if it’s the right time to buy. Here is some insight into the current state of the Vancouver real estate market that will guide you in your decision to look into Homes For Sale in Vancouver.
A Quick Glimpse at Statistics
In 2021, home sales increased by 12% and demand outpaced supply, according to the Real Estate Board of Greater Vancouver. Home sales per month hovered around 3,500, and the last month of 2021 saw an increase of 33.6%, higher than the 10-year average for that month. A little over 7,000 homes are listed for sale, with a median home price of $1,199,400.
Here’s a quick look at the types of homes and their sales stats:
Detached
- Home Sales: -18.4%
- Prices: +20.5% to $1,850,500
Attached
- Home Sales: -22.9% to 782
- Prices: +18.5% to $975,000
Apartments
- Home Sales: +14.7% to 1,570
- Prices: +9.5% to $746,400
Why Demand Outpaces Supply
There are a few reasons why there is a lack of availability of homes in the central Vancouver region. Given the very high median price of homes, it’s not the kind of city where a working class or even middle class person can purchase a typical “starter home”. This isn’t the case for the greater Vancouver area or the outskirts of the city. This means that these people are largely renting rather than buying, despite being on the lookout for homes. Another factor is the predicted uptick in immigration for 2022, which will illuminate the problem of lack of affordable housing. Having said that, if you are financially well-off, you will be able to seek out homes without much hesitation.
It’s One of the Top Real Estate Markets in Canada
Vancouver was named the top housing market to watch in Canada for the third consecutive year. While there are concerns about ballooning price inflation and growing competition for real estate, the market largely relies on buyers who have intergenerational wealth to purchase homes. This is bad news for the working class and middle class prospective homeowner, but there are great options within driving distance of the city for those who can’t pay the exorbitant prices of a central Vancouver home.
The Housing Market is Like an Ecosystem
You may be one of the potential home buyers who is yet to have confidence about purchasing a home in the market, and that’s ok. The good thing is, by keeping your eyes on the homes for sale and having your financials prepared, you may be in a position to snag a great home at a fair price. You just have to keep your eyes open. You may find yourself considering an alternative to a traditional home, like a townhouse or condominium.
Another option is to seek a home on the outskirts of a metropolitan area where, though houses are scarce, they are vastly more affordable. The housing market is like an ecosystem that exists in flux, so by paying attention and knowing when to make the right movies, you can have confidence in knowing that purchasing a home is on the horizon.
