Vancouver is one of the top cities that people consider moving to when thinking about a move to Canada. Unfortunately, it’s also the most expensive city in the country. Although it has plenty of perks that come with it, buying land in Vancouver can often feel like a double-edged sword that hurts you even as you profit from it.
These are the pros and cons of buying real estate in Vancouver and why it might be the right choice for you.
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Extremely High Costs
The most obvious flaw of Vancouver is the incredibly high prices. This city is the most expensive in Canada and is quickly rising in costs to almost compete with LA or NYC in the United States. This can be extremely daunting to anyone who hasn’t bought property before and may scare many new homeowners away if they’re not prepared for it.
Prices Keep Rising
Thankfully for those who can invest, the prices continue to rise. This means that those who have bought land can invest and buy more land eventually or sell and make a large profit. This can leave many feeling like they’re locked out of the game entirely, but for those who can afford to get in on it, homes for sale in Vancouver are almost a guaranteed profit.
Houses Are Smaller
The homes in Vancouver are smaller than the national average, and they continue to shrink as new ones are built. The largest reason for this is that Vancouver is extremely limited in how much land it can use and spread out to since three sides of it are surrounded by water, and the final side is near the mountain range.
Easy Access to Fun and Entertainment
A great perk is that there’s so much to do in the city that you won’t mind that your home is smaller or its price. From endless art shows and theater events to the amazing growth of the tech industry that allows this city to feel like it’s being dipped into innovation every day: you’ll never get bored while living here. Those that live in the city can easily access anything they want to go to since Vancouver has great public transit that allows you to be free of having to buy a car.
The Chance to Pass On a Fortune
If you buy a home here, even if you do nothing but live in it, you’re gaining a lot of money in value every single year. Because of this, if you sell it in thirty years: you could retire off of that amount of money. Or, if you pass away, you can rest easy knowing that your family is well taken care of.
Real Estate In Vancouver is Record-Breaking
From the high costs of property to the incredibly small sizes it’s shrinking down to, real estate in Vancouver is breaking records time and time again. Although most buyers are scared away by these extremes, you could make a fortune from investing if you know how to make it work for you.