Metro Vancouver’s costly and tight housing market is being watched by a real estate association and this association predicts that conditions should start to get moderate by 3rd quarter of 2018. Suring last week, BCREA i.e British Columbia Real Estate Association said that home builders are responding to lack of the availability of homes across the whole region by increasing the multifamily housing.
Real estate market in Vancouver surged by 40% to around 22,700 units in year 2016, where BCREA report said that an estimate of 19,700 multifamily homes started during this year so far, and around 19,000 units are being forecasted in year 2018.
BCREA also added that data according to the real estate in Vancouver having an estimated completion of times of developments which suggested availability of suites in the new apartment projects and this should rise from the fewer than around 4,000 units per quarter in year 2016 to around 6,000 units by next year. A great book is also available on Vancouver Real Estate by the name “Planning For Tall Buildings”.
Most of the units in real estate in Vancouver are pre-sold, but as per reports by BCREA, these reports say that renters are buying homes and will free up the required rental suites, while the owners move to the new units and will bolster scarce supply of the housing as per former properties to go on home sales. You can also have a good Book on Vancouver Real Estate.
As per studies a surge in multifamily completions are not the only solutions for affordability of housing in real estate market in Vancouver, it is an increase in supply of homes and this can help to keep lid on climbing house and rent price.