Housing sales and prices may be dropping, but last week News1130 reported that Vancouver remains the top Canadian real estate market to watch in 2017.
Millennials Fuel Townhouse and Property Market
According to Emerging Trends in Real Estate 2017, a report jointly released by PwC Canada and the Urban Land Institute, Millennials are playing a role in this. As the new generation of Canadians leave the nest, they are driving up prices in an already tight rental market. As single lot homes in Vancouver continue to tip the scales on affordability, investors are turning their attention to townhouses, condos, and mixed use projects that innovatively combine housing with retail or commercial spaces.
The report also found that Millennials are targeting newer rentals that offer comfort and quality. They are looking for locations close to amenities and transit, which provide access to the stores and schools that often lie outside the downtown core.
Stability Predicted for Canadian Market
The report concludes that demand for Vancouver townhouses and other attached properties will likely remain high due to increases in immigration. Although the report does express concern of a pullback in markets like Toronto and Vancouver, prices are only expected to fall by about one percent nationally, leaving the Canadian real estate market comfortably positioned for another year of stability.