East Side vs West Side
It can get pretty hard for a newcomer of Vancouver to manage the urban structure of its outnumbering neighborhoods. Of course, there are many information spots and guides which will provide great help around Vancouver. More to be exactly, there are 23 neighborhoods between the east and the west part of this city. Main Street is a center line dividing these two huge parts. From far history west side was always much wealthy then the east side and still today there is a big effect of working/middle class in the east part.
This difference is also often mentioned in cultural aspect also where you will often hear about much better public schools in the West part. One of the reasons people consider this cultural difference is also a much bigger number of immigrants making the multicultural east part. So, these are some basic facts that play significant role in property price difference between West Side and East Van. Renting and buying is at much more higher rates than in East Van but this doesn’t necessarily mean some properties in East Van will not be expensive. Just remember that all these neighborhoods Vancouver offers contain great segments like beautiful parks, modern medical clinics, huge libraries and helpful community centers.
Thinking twice about buying/selling
The selection of the homes was never bigger in the last few years but it is surprising how the sales are way below average. Sales dropped significantly for the first few months of 2018 comparing to last year. Prices of the houses are not falling and yet demand is dropping significantly. Experts say the number of sales has never been this low and that it was kind of expected. This was complex dropping including speculation tax drop, foreign investment drop and tighter mortgage rules which really contributed to this situation. Many even gave up on the idea that these properties will ever be affordable again.
The housing market has seriously decreased from August. Listings of the housings are growing and prices still going up. Vancouver is not only in a problem with crushed housing market but also increased global trade, stagnant wages, growing poverty and huge immigration. Basing on the information between income and home price Vancouver could become perhaps the most unaffordable city in the wide region. All the eager buyers including with lack of affordable home sales and renting are leading demanding to townhouses, apartments and condos.
This demand is really getting serious because rising prices and the decreased offer made students turn to condo market. Some people are even calling this a period of price discovery. There can be found sellers that are forming their prices according to their expectations or just even lowering prices due to need of quick selling because of personal reasons like illness, divorce and similar.
So we are getting to the conclusion it is best to get every helpful information you can before getting yourself in some serious property investment in the housing market of the west side of Vancouver.