Homes in Metro Vancouver have finally gotten cheaper. By how much you ask? Well according to the Real Estate Board of Greater Vancouver, house prices have dipped $12,000 between June and July. The adjustment to Vancouver’s over-priced real estate market has begun as more homes are now in the market, but with fewer buyers.
Over the past few years, Vancouver’s real estate market had been experiencing tremendous growth as real estate values out-paced the rest of the country. Thanks to this, many homeowners entered the prestigious Millionaire Club, whereas others wondered how they’d be able to afford living in Vancouver without owning a home.
The $12,000 dip may not seem like a lot, however after years of soaring prices, it leaves hope to those out there who are prospective homeowners as more adjustments will occur in the near future. But the question is how much more adjustment remains in the real estate market in Vancouver?
Well the Suburban Don thinks that the 2.1% adjustment was bound to occur, but don’t expect it to be over 15% as Vancouver is one of the most beautiful cities in the world. With land being scarce, as it is surrounded by the ocean on one side and the mountains on the other, real estate in Vancouver is a safe long-term investment. Thus the Suburban Don leaves the readers with one question to truly understand why Vancouver is highly regarded as one of the greatest cities in the world … Where else can you ski on snow-capped mountains and then go for a swim in the ocean in the very same day?