[:en]At Quick Pass Master, our job as a Vancouver real estate school is to prepare our students for the reality of life as a realtor in British Columbia – and that’s a job we take seriously. We don’t just want our graduates to know the basics for taking the UBC real estate exam, we want them to be truly ready to tackle their jobs once they’re licensed.
So, with a new year beginning, it’s time to look at the local housing market. Vancouver’s real estate market and regulations are quite unique, so it’s vital to focus on the local situation to understand what our graduates will be facing.
The Quick Pass Master Vancouver Real Estate School Looks at the 2018 Housing Market
Vancouver’s market is so unique due to the extent to which the government has attempted to rein in real estate speculation. High tariffs on foreign buyers may have slowed down some investment, but it doesn’t seem to have had much impact on prices. Vancouver real estate is continuing to leap upwards in price, with little signs of slowing – much less reversing.
This is undoubtedly going to chase many smaller buyers out of the market. Contributing to this will be recent Federal-level changes to mortgage rules, making qualification considerably more difficult. Estimates are at least 10% of buyers will be turned away, even those capable of making big down payments.
In turn, this is making condos more attractive to mid-range buyers. Therefore, unsurprisingly, condo prices are going up as well. All this is helping cement Vancouver’s reputation as a city which is unaffordable for all but the rich.
What does this mean for Vancouver realtors? Well, it means you will need to be chasing the whales – not the minnows. Middle-class buyers are going to have a hard time buying property anywhere near the city, and those who persevere will almost certainly find themselves settling for a much smaller home than they would like. In the meantime, it will be the big fish who are making the big buys. This could easily create a “feast or famine” situation for many Vancouver realtors and lead to serious competition between them.
Be Prepared for The Reality of Vancouver Real Estate
The Quick Pass Master Vancouver real estate school is here to help you succeed – and excel! Contact us today for more information on our comprehensive courses.[:]