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Housing Prices in British Columbia
As
demand continues to rise for new homes in British Columbia, prices are
following suit. With the economy growing and the ever-approaching 2010
Olympic Games, demand for new condos, townhouses and detached homes in
British Columbia is not expected to cool off any time soon.
While
many markets in Eastern Canada have slowed to increases of around 5%
annually, the Western Provinces are showing no signs of calming down
with British Columbia’s market increasing by more than 20% last year.
British Columbia has now been declared the least favorable province in
Canada in terms of affordability for detached homes, and yet, demand
continues to rise as more and more people try to get their piece of the
action.
With no end in sight to the rise in the cost of homes
in BC, home owners are presented with an opportunity to see their
property value increase as rapidly as the market, making this an
ever-hot time to buy with the intention of reselling for a potentially
substantial profit within a shorter amount of time than would be
required elsewhere. Although the cost of buying a new home is higher
than it has been in the past, it are still lower than it is predicted
to be in the future, so buying sooner rather than later is recommended
if you are planning to buy within the next four years.
Currently,
condominiums in BC remains the most affordable housing type followed by
standard townhouses and then detached bungalows with new detached
two-story homes being the most expensive for the average Canadian. As
land shortages and labour constraints begin to play a larger role in
this market, demand and prices will rise across the Lower
Mainland and British Columbia. Areas outside the lower mainland will
continue to expand in order to accommodate the market and satisfy the
demand. Also, by buying in the up-and-coming areas around the Lower
Mainland or elsewhere in British Columbia, you will have a better
chance of seeing greater rises in your property value as these areas
still in the growing phase and gaining in popularity.
It’s
easy to see why so many people want to live in Vancouver, the Lower
Mainland and the rest of British Columbia; over the past few years, the
economy has been getting stronger and winning the bid for the 2010
Winter Olympic Games will only serve to strengthen it further. There is
a wealth of opportunity for jobs in British Columbia, with more
predicted to be opening up as the Olympics draw closer and the
countless outdoor activities and sports make BC a dream come true for
any outdoor enthusiast. Although the cost of living is high in
Vancouver and the Lower Mainland of BC, it could also be argued that
the return in rising property value and quality of life evens the score.
-Copywrite CanNewHomes.com-
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