Real estate in Vancouver has been a hot commodity in the past few years, thanks to an abundance of supply and a booming demand.
According to real estate website Zillow, Vancouver’s median price is now just over $1.4 million per square foot, a significant increase from the $1,500-per-square-foot it was in 2017.
The city has also been a home to a number of exciting developments.
According the website, the Vancouver area has seen more than 100 new high-rise buildings in the last six months, which have attracted a growing number of renters looking for a place to live.
While the region’s condo market is struggling to keep pace with the influx of new residents, Vancouver-based property consultant Zillows predicts that prices in the city will eventually catch up with their population.
“There are still a lot of condos out there, and those are still relatively cheap,” said Zillower senior vice president Rob Leggett.
“I think Vancouverites are going to be able to afford the rent.
That’s going to happen eventually.”
In fact, the average condo rental price in the area is $2,500 per month, according to Zillowed.
That compares to $2.3 million for a one-bedroom apartment in the region.
“It’s a bit of a mixed bag in terms of affordability,” said Leggitt.
“But there are definitely some condo projects that are definitely going to get people into the market.”
Vancouver’s affordability has become a focal point of the provincial government’s housing strategy.
The province’s Housing Affordability and Livability Agenda is the first of its kind in Canada and promises to help people afford their housing, including new construction.
In addition to the new units that are coming online, the province is also building a massive new housing supply project, including three towers that will rise as high as 17 storeys.
“The project is designed to get us to the affordability threshold of 30 per cent, so that we can get people moving into the city,” said Ontario Premier Kathleen Wynne.
“That’s going be the goal.
And I think it’s going get us there.”
According to the province’s chief economist, Paul Wiebe, this is the third housing project in just the last year, after two towers and a hotel.
“There’s definitely room for more,” he said.
“If we continue to build this level of housing, then we’re going to see the affordability of housing continue to rise.”
The provincial government is also expanding the province-wide rental vacancy rate, which is a measure of how many units are left for rent, which was at its lowest level since the housing bubble began in 2007.
According in the province, the vacancy rate is currently at 7.2 per cent.
“When you look at the number of people who are available to rent in Vancouver, we’ve got a lot more people who want to live here,” said Wieber.
In addition, the provincial budget announced last week includes a $50-million housing levy to help offset the impact of rising housing costs on the province.”
This is going to have an impact on rents, because we’re looking at a much larger number of rental units that we’re actually going to need to rent.”
In addition, the provincial budget announced last week includes a $50-million housing levy to help offset the impact of rising housing costs on the province.