If you’re looking for a property investment opportunity, then here’s one you should jump on fast, or maybe wish you’d have invested in a few months back. Vancouver real estate is currently red hot, as property prices rise 20-30% year on year. But read further, and it may be riskier than you first thought.
The bustling west coast seaport in British Columbia, Canada’s is the greatest example of a beautiful and lively city. Ethnically diverse, surrounded by mountains, with thriving art, theatre and music scenes, it is no wonder property is rocketing.
But it isn’t all good. The Royal Bank of Canada has gone on record to declare Vancouver as ‘dangerously unaffordable’, and the city has become the least affordable in North America. Great investment opportunities aside, the impact in the long term can actually damage the local economy as residents and young people are pushed out due to high prices.
As foreign investment ploughs into the city, causing pricing to surge and having the aforementioned effect of driving out the local residents, the city is going to see continued bad press and the negative effects continue to gain the spotlight. So, would you still invest, or is the bubble about to burst? Discuss on Twitter, we’re @ElevationComms.