Vancouver’s Housing Market, Fall 2019
This fall, the Metro Vancouver housing market is looking favourably upon home buyers. Want to know how and why, without having to sift through too much data? We’ve got you covered. Here, we’ll go through some key insights*.
Overall, Metro Vancouver’s housing market is finally rebounding. This past summer saw constant sales growth, with a 46% increase in September on a year-over-year basis (August and July saw 15% and 19% increases, respectively).
We can thank the region’s robust economy for how well the market is doing: Metro Vancouver’s labour market is currently the strongest in Canada, with a rapidly increasing employment rate and the median wage growing twice as fast as local inflation rates.
And while Vancouver is performing well, the global economy remains uncertain. This might seem like a bad thing, but it’s actually a blessing in the short term. Global economic uncertainty means local interest rates are continuing to sink to a near-historic low. So if you’ve been looking for an opportunity to lock in rates that haven’t been available for several years, now is the time.
Plus, with more homes becoming available (largely due to the current presale environment), we can safely say Metro Vancouver’s housing market is in a good spot—and that it’s a good time for prospective buyers to start searching for their dream home.
Consider the townhome market in August 2019, compared to August 2018:
- The average price has gone down by 8%
- Total listings are up 21%
- Sales are up 17%
In the Tri-cities area, MacLean Homes currently offers the best value for home buyers. In Port Moody, townhomes are going for $879,900; at Coquitlam Centre, $799,000. Our Salisbury South homes in Port Coquitlam are available for $719,900.
If you’re searching for your dream home, check out the communities MacLean Homes is building in Port Coquitlam. These townhomes offer an ideal blend of city life and nature—plus, they’re all BuiltGreen Gold certified. With over forty years of experience in Western Canadian community building, we’re experts at creating homes with homeowners in mind.
These brand-new townhomes are perfect for families and individuals alike. Interested? Call 604-475-1172 or simply visit us at 2145 Prairie Avenue, Port Coquitlam. We are open every day from noon to 5 pm, except Friday. Click here for more info.
Coming Soon! Register today to be among the first to receive project details and sales events. The presentation centre is expected to open in the fall of 2019. Click here to register.
*Sources: Real Estate Board of Greater Vancouver, Rennie Review, MLA Advisory