The Vancouver real estate market, UBC area homes in particular, has been in the news a lot at the onset of 2014 and even more so as the Chinese New Year (Year of the Horse) celebrations have passed with last weekend. It seems to be all good news.
This kick start at the beginning of 2014 does not stand alone, and in part is a result of a carry-over trend at the end of 2013. Back in November UBC real estate was recognized for its tremendous growth and I was even contacted by the Vancouver Observer to add my two cents to the topic, of which I was grateful to provide here.
A recent article in the Globe & Mail discusses the current real estate boom in Greater Vancouver. To detail some it for you I will highlight a few key points as they relate to real estate in UBC. Much of it comes down to parents and their facilitation of their of-age children buying a home. This trend is extremely common to the UBC realty market where prospective, current, and graduating students seek to own homes in the direct area.
Experts will look to the Greater Vancouver real estate market and point to how expensive it is in relation to the rest of the country. Such a statement indeed has merit, but data also serves to create alternative solutions for those buying their first home, such as the students mentioned above. While an individual or young couple moving out of their parent’s home here in Vancouver (or arriving from overseas) may not be able to afford a single family detached home in Kitsilano, they now have plenty of options for affordable condos and townhouses. Nowhere is this more true than right here in the UBC community area.
Sales are on the rise because these alternatives exist. We can also look to the trend that occurs with the transition of the Chinese New Year (here and now). The real estate market in the UBC area, a popular destination for young Chinese homeowners (and students) due to the expansive availability of affordable condos and townhomes, tends to spike with the passing of the lunar cycle. Investors and households (with students) considering buying a home in the UBC area return to Greater Vancouver after the Chinese New Year has passed, and often make purchase decisions soon after. Even those following predictions for 2014 based upon their own birth year watch the market closely, in particular those born in the Year of the Tiger, who are predicted to benefit from buying real estate in the Year of the Horse.
No matter your belief on the matter, it’s a good time to buy a condo in UBC. The dynamic community continues to grow at an exciting rate – becoming a very popular residential destination for those from all walks of life. Getting in “on the ground level” is essential to a great investment, even if you plan on making your home here for more than one generation.
For any questions that you may have regarding UBC real estate please feel free to contact UBC Homes anytime to begin the process with a friendly conversation.