For many people, buying a home is one of the biggest decisions and investments they will ever make. In Vancouver and the Lower Mainland, there is a lot to consider since housing prices can fluctuate and be out of reach, especially for first-time buyers.
Vancouver often comes up in conversation and in reports across the country and determines what people think real estate is like in the area. It can be discouraging! But there are plenty of surrounding communities, like New Westminster or parts of Surrey such as Coverdale, that are within reach for families, young professionals, or people wanting to downsize.
Leading up to 2018, all anyone could talk about was real estate prices in Vancouver. But some time in the early part of the year, things began to turn and prices started to come down after reaching a peak. Now that prices have stopped surging, people are asking: where is a good place to buy in a cooling housing market?
Buy in A Cooling Housing
Price isn’t the only thing to consider when thinking about what to buy and where to move. There are other questions that will determine what kind of value you will need to place on other factors. Things like:
Questions to Consider
- How long do you plan to live in your new home? Is this a place you plan to raise a family in, a starter home or somewhere to spend the summers while you spend winters in Mexico?
- What kind of community is important to you? Do you want to be near the town centre or in a housing development surrounded by young families? Looking at the walkability score or nearby school zones is going to impact your decision.
- What kind of home do you want? There are plenty of options, including a condo, detached house, or duplex.
The list goes on! And the answers to all these questions will help narrow down your decision, especially if you are flexible in where you are willing to live.
In a cooling housing market, places like Cloverdale or parts of New Westminster make a great investment option. There are homes of all shapes and sizes that are available at a reasonable price and that are great long-term investments. Places like Cloverdale are appealing for a wide spectrum of people because it is safe, and it has a small-town vibe with the feeling that there is a lot of potential waiting to be tapped.
The cooling housing market is a good thing, especially for first-time buyers looking to settle in somewhere long-term. Buying low rather than buying high (even if you are selling high) means that you are likely to make steady gains over the coming years and that you don’t have to worry about the market crashing under your feet.
Buying a home is a big deal, whether the market is hot or cool. Keeping your eyes on neighbourhoods that are up and coming or well-established is important, but it will ultimately depend on what your long-term wants and goals are.
If you are in the market or thinking about entering the real estate market and would like to discuss what your options might be, reach out.