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The Vancouver real estate market has been the talk of the town in Canada for quite some time now. People all over the world have heard about this incredibly expensive real estate market that is in high demand and question whether it is actually worth the hype. In this blog post, we will explore what makes the Vancouver real estate market so unique, and whether it is worth your investment.

When you talk about Vancouver, several things come to mind – beautiful scenery, a buzzing food scene, and an unbeatable lifestyle. However, it’s the real estate market that really makes it a stand-out city for many people. The real estate market in Vancouver has been booming over the last few years, and it’s not hard to see why. With a warm climate, stunning scenery and that famous Canadian kindness that Vancouverites are known for, it’s no surprise that people are vying for a piece of this beautiful city.

One of the unique things about the Vancouver real estate market is that it is in no way affordable. According to CBC, Vancouver is one of the most expensive cities in the world to live in. This makes it difficult for many people to own property in the area, which adds to its exclusivity. The city’s average home price is nearly $1.5 million, which is a stark contrast to the average home price in Toronto, which comes in at an estimated $875,000. It goes without saying that the Vancouver real estate market is one that is exclusive, meaning that many people are dying to get their hands-on properties on the off chance they get listed.

One of the primary factors in the Vancouver real estate market’s soaring prices is foreign investment. Investors view Vancouver as a safe place to park their money, which, in turn, drives prices up. Millennials are also a significant factor, as they are confident Vancouver is a great place to call home. Despite Vancouver’s living expenses, thousands are still willing to take their chances and move to the area, which is why the local housing market is incredibly competitive.

Despite the real estate market’s ongoing success, a recent Global News report revealed that 50% of Vancouverites believe the city’s real estate market is unaffordable. This view is understandable when considering that the “minimum” wage in Vancouver is $14.60, according to the Government of British Columbia website. Living in a place where affordable housing is out of reach is undoubtedly taking a toll, as many people struggle with high rents or spending a high percentage of their earnings on accommodation.

Another significant concern in the Vancouver real estate market is the presence of empty or underused properties owned by investing foreigners. These properties are sometimes known as “ghost homes” or “zombie homes,” and locals are worried about the impact they have on communities in the city. According to Global News, Vancouver has the highest number of these properties in Canada, with nearly 10,800 unoccupied homes in 2019.

So, is Vancouver real estate worth the hype? The answer is, if you can afford it. Vancouver is a one-of-a-kind city: vibrant, beautiful, and has an unrivaled quality of life. But without the necessary finances, it can be difficult to immerse yourself in the unique Vancouver experience. Vancouver is a great place to work, study and play, but it’s also essential to know that its real estate market is not for everyone. Many investors view Vancouver real estate as a haven for their money, however, locals feel unrepresented while the value of the properties skyrockets, which is straining local communities.

In conclusion, Vancouver’s continued success in the real estate market isn’t a fluke, and the hype around it is the result of its unique qualities and high demand. However, the Vancouver experience comes at a steep price. Only the well-to-do can afford to buy property in the city, which makes it exclusive and complicated for locals to find affordable housing. The city’s real estate market’s ongoing success has its challenges – it brings in foreign investment, but at the cost of unoccupied homes that take away local residents’ essential value. Vancouver is potentially the perfect place to call home, but it’s a city where real estate demands a premium.