There’s nothing like knowing an investment is a safe one and, according to Bank of America, Vancouver is going to continue being a safe bet for the foreseeable future. This city is home to some of the largest industries in Canada and is the top city for at least two of them, and this wealth stretches towards real estate.
These are the top reasons why Vancouver’s current real estate boom isn’t a bubble and what investing could mean for you.
Vancouver’s Population Doesn’t Falter.
Vancouver has seen steady population growth for the last ten years. Because of the multiple industries, the gorgeous views, and the higher-than-average pay, many people are leaving their old lives behind to start fresh in this amazing city.
The larger a city is, and more densely populated it is, the higher the prices will continue to climb to keep up with demand. This is no different with property: especially because the land in Vancouver is limited.
There’s Limited Land to Build On
Circled by endless water on three sides and a mountain on its final side: Vancouver is a constantly growing city that can’t spread out much further. Because of this, every plot of land is desperately needed.
The lack of new land makes the land that’s always been here more expensive, and as more people move here, the price rises because the need increases. Although Vancouver homes for sale are doing best as single families, the city is working to build upward as much as possible, there’s a limit to this as well.
Industries Within the City Are Rapidly Growing
The industries in Vancouver won’t stop growing. From the film industry that’s earned the city the name Hollywood North to the tech industry that has made this city into its own silicon valley: there’s no end to the businesses and investments that can be made so that you can make more money.
Entrepreneurs who are interested in gaining more see this, and they move out in the hopes of finding their own fortune. This has also increased property value since many are buying up land to rent it out to others in the hope of gaining a long-term income.
Surrounding Areas Are also Booming.
Vancouver’s success stretches beyond city limits! Thanks to how well this city is doing, nearby Whistler has been making groundbreaking sales as well.
In 2021, an incredible deal broke through, allowing a plot of land to go for 9 million dollars without any construction on it. This was record-breaking, and has only pushed on the property fervor further.
Vancouver’s Expected to Keep Growing Indefinitely
If you’re getting ready to invest and aren’t sure if Vancouver is the right move: it’s never the wrong move. This city has continued to grow despite being confined by water and mountains, and it’s going to keep going. The industries that call this city home are more impressive than ever, and investing now may be the lowest prices we’re going to see in our lifetimes.