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Metro Vancouver’s residential real estate market had been accelerating since the recovery from the 2008 financial crisis. However, even that recession only paused the city’s price appreciation, which had been swelling for years. Data indicates that average detached-house values in Vancouver increased 95 per cent from 1999 to 2009. Since 2009, the average detached value increased by a further 140 per cent to the peak in 2017.
This equates to a 13 per cent annual increase in house prices over an eight-year period. Even with the recent house price correction, the net price increase is still about 8.5 per cent annually. Therefore, it’s no surprise the residential real estate market has experienced an overdue correction.
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In addition to Vancouver being one of the world’s most desirable cities, there are other key components to a resilient real estate market:
Controlled supply. Inconsistent and bureaucratic approval processes for development permits put limitations on supply and prevent demand being fully satisfied.
Lower interest rates. Historically low rates help affordability with lower-priced debt for all buyer categories.