We all know Vancouver is an extremely expensive real estate market – especially in terms of affordability, when compared with local average incomes. But even
Why is real estate in Vancouver so expensive?
In every country, real estate is one of the main factor that impact economy. Vancouver iscovered by the sea on 3 sides and you can’t make more land. So that’s one reason the downtown core is dense and land is expensive – it’s a good location for trade – it’s a major seaport and terminus of the transcanada railway and road network. There are so many factors that effect the real estate in Vancouver. Please have a look below:
- Foreign Buyers: As we know that Vancouver is nice place to stay and everyone wants to buy property here. So you can find here so many foreign investors for real estate. This is the main reason to have expensive property in Vancouver.
- Shadow Flipping: In Vancouver, agents usually buy properties in advance and resell those on high price rate to other buyers. This factor is call shadow flipping and its going to be very viral in Vancouver. Due to this process property prices are going higher day by day.
- Money laundering: Then there are the growing problems of money laundering, fraud and tax evasion. The Housing Action for Local Taxpayers, an advocacy group with an aim to hold politicians accountable for housing affordability, find nice safe places to hide—and there’s no need to show a return on the investment as the primary objective is to hide the funds from overseas tax authorities.” “houses have become opaque cash banks where funds from offshore can
there are so many other factors that affectlike Lack of unbiased info, easier with technology, Ineffective regulation etc.