The topic of a lot of discussion is whether there will be a major correction in real estate prices. From my perspective the most pertinent factor that seems missing in the discussion (particularly for my clients and homeowners on the North Shore of Vancouver) is some recognition that no two suburban areas are necessarily like for like. Let's use West Vancouver as an example. I believe it (being one of the most affluent postcodes in Canada) will remain resilient based on pure Supply v Demand.
From the last full Canadian census it can be seen that there is (or was back in 2011) only 17,075 homes of all varieties. Yet for all sorts of reasons (lifestyle, security, education, community, etc) the number of people (both domestic and international arrivals) wanting to live in West Vancouver continues to increase.
Generally, as a North Shore buyer, you should feel comfort that (given it is wedged between the mountains and the ocean) the supply cannot be increased dramatically. Therein lies the property value basement.
In West Vancouver, 57.7% of private households lived in single-detached houses and 20.2% lived in apartments in buildings that have five or more storeys. The rest lived in other types of dwelling structures.
Below is a breakdown of the dwelling types in West Vancouver.
In North Vancouver, 56.1% of private households lived in single-detached houses and 5.5% lived in apartments in buildings that have five or more storeys. The rest lived in other types of dwelling structures.
Here's the North Vancouver breakdown.
From the last full Canadian census it can be seen that there is (or was back in 2011) only 17,075 homes of all varieties. Yet for all sorts of reasons (lifestyle, security, education, community, etc) the number of people (both domestic and international arrivals) wanting to live in West Vancouver continues to increase.
Generally, as a North Shore buyer, you should feel comfort that (given it is wedged between the mountains and the ocean) the supply cannot be increased dramatically. Therein lies the property value basement.
In West Vancouver, 57.7% of private households lived in single-detached houses and 20.2% lived in apartments in buildings that have five or more storeys. The rest lived in other types of dwelling structures.
Below is a breakdown of the dwelling types in West Vancouver.
In North Vancouver, 56.1% of private households lived in single-detached houses and 5.5% lived in apartments in buildings that have five or more storeys. The rest lived in other types of dwelling structures.
Here's the North Vancouver breakdown.