High real estate prices not only in Vancouver, but also in Abbotsford and Chilliwack
For realtors in Vancouver, the year 2016 was an extremely profitable year. Though real estate transactions were on the rise for the last few years, last year it was phenomenal with the net real estate transactions amounting to nearly $8.1 billion. According to Paul Morassutti of CBRE Ltd. what contributed to this phenomenal increase in real estate transactions is the fact that more and more foreign nationals, mainly from China, Hong Kong, and the European Union countries are looking for a safe haven in Canada’s real estate to escape the increasing geopolitical uncertainty that’s gripping different parts of the world as well as to find a better yield in world that’s being exponentially yield-starved.
The demand for real estate has been increasing rapidly in different cities of Canada, including Vancouver. Naturally, the prices are on the rise. What’s surprising is that Vancouver alone isn’t seeing a price surge in commercial and residential real estate prices. Its effects are being also seen in areas like Chilliwack and Abbotsford that do not even lie within the daily commuting distance of Vancouver.
Though according to experts, the price surge in Vancouver should affect the suburbs that lie close by because of the spill-over effect, the spill -over effect usually doesn’t reach as far as the municipalities that do not have significant commuters to the main city. But the scenario has been quite different in the recent times. Even in far off municipalities like Abbotsford and Chilliwack, the real estate prices are on a rise.
Though out-migration from Vancouver to the municipalities isn’t uncommon, yet the price rise is much more as compared to the previous years. According to the reports of Chilliwack and District Real Estate Board, the average home price in the first quarter of 2017 was a steep $439,600 which is 16% higher than the rates that prevailed in the first quarter of 2016, i.e. $378,089.
What’s affecting the price?
Increasing demand is only one side of the coin, the other side being low supply. Since markets weren’t as high in the previous many years, the number of listings in Chilliwack and other municipalities was going down significantly, especially in the residential market. However, experts believe that with the prices rising significantly, more listings should open up very quickly, both in the residential sector as well as in the commercial sector and when they do, the prices are going to go further high up.
The graph above clearly shows that the delay is mainly because the spill-over effect needs quite a few years to reach as far as areas like Chilliwack and Abbotsford. However, there is no stopping the impending effect of the sky-rocketing prices in cities like Vancouver. The municipalities, too, will get to see the rise and that is sure to open up new avenues in the area that weren’t previously available. Obviously, there would be a good demand for every bit of real estate that’s put up in the market and in tune with the effect of the spill-over, the prices of these listings are going to be high.
What’s in it for you?
Though the rising prices will affect the buying power of the common man and erode affordability. But if you are a realtor, you are going to be in great profits if you can garner the benefits that this spill-over effect is going to bring in. The price rise in real estate avenues like Abbotsford and Chilliwack will surely see more sellers willing to sell their property for a significant amount as well as builders investing more to create more ready-to-buy residential and commercial real estate than ever before.
What does that mean? Well, obviously, more listings every year till every bit of space available is sold to those who can afford the best. As a realtor, this is indeed good news as there is a 100% possibility that hundreds of new listings in these areas will be available very soon and to reap the profits, you need to be an early bird.
It is very important that you keep scouting the areas frequently and make sure that all the right people know that you are a realtor whom they can trust. You need to keep adding whatever listings are presently available and when the flood’s in, you will be able to get a good share of it as well. But the problem here is that if things go as predicted, you may have to list hundreds of listings every month which can be a major problem as it would take ages to complete the listings manually.
Manual listing is going to take you a hell lot of time, valuable time that you cannot afford to waste. So, instead of wasting time and effort, turn to RealtyFocuz. If you aren’t yet aware why RealtyFocuz is the solution to your problem, then read on.
RealtyFocuz is a service provider that excels at creating MLS websites that fare much better than a regular real estate website. With MLS, your listings will be perfectly showcased and that too, with a feel of professionalism that can impress anyone. But that’s not the whole story. Apart from offering MLS websites to realtors, they also automate the listing process.
You quite well understand the benefit, don’t you? With an automated listing update, you will be able to save the time and effort that you, otherwise, had to spend on this mundane work and use the same for other valuable tasks at hand, like the promotion of your services, looking out for more lucrative listings and so on. Getting a real estate website from RealtyFocuz is going to keep you two steps ahead of your competitors who wouldn’t miss any opportunity at taking a bite on your profits.
So, it would be prudent that you do not waste valuable time hesitating that would let others take the lead. Instead be in the riding seat and ride the price boom that’s going to come in very soon and take home unimaginable profits.