Disadvantages and Advantages of owning a residence in Vancouver

seller’s market
seller’s market

The City of Vancouver is a coastal seaport city in Canada. It is one of the most ethnically and linguistically diverse metropolitan districts in Canada. As Canada’s most populous city. Housing in Vancouver is becoming increasingly vital. This has fueled the city to devise strategies on how to stem the housing issue including co-op housing and high density housing. Furthermore secondary suites have been legalized allowing single homes to be subdivided. With the cost of living escalating by the day. The idea of owning a home in Vancouver is floated around. While the thought of owning a residence is more appealing to many individual. It is very naive of us to join the bandwagon before critically analyzing the pros and cons of the move.

One of the upsides of owning real foreignvancouver real estate investment drives millions estate in Vancouver is that it shields one from the constantly skyrocketing cost of renting apartments. Being Canada’s highest populated city there is a scramble for housing. The landlords take advantage of this shortage to keep raising rent because apartments are in high demand.Secondly Vancouver has the most expensive real estate market prices. This adds more incentive to owning a residence in the City of Vancouver because the value of the residence will be appreciating exponentially. In case you need to sell the properties after some time you are certain to make a huge chunk of profit out of the transaction. Thirdly there are myriad job opportunities thanks to Vancouver’s strong economy fueled with industries. Moreover, owning a house residential in Vancouver puts one closer to ocean, mountain and beaches with a host of recreational activities. These coupled with a moderate climate characterized by warm and sunny summers make it a phenomenal city to own a residence.

vancouver-area housing market
vancouver-area housing market

The expensive house price in Vancouver is a major disadvantage of owning residence there.Prices of houses have been on the rise because there is a shortage of houses. The high cost of living in Vancouver has also contributed immensely to expensive house prices. The high density housing for instance is championed because any expansion is restricted by sea and mountains.Thus owning a residence becomes more expensive than renting apartments.Besides a residence is an illiquid asset. This means that in case one needs to relocate to another city for any reason they may not be able to sell the homes as quickly as they would expect.