Your property will double by 2030 in Greater Vancouver
In this episode, we will cover how and why your Great Vancouver property will likely double, again, in the next 6 years
I am Jessi Johnson, guiding you with almost 18 years of experience as a mortgage broker and realtor.
CMHC, a.k.a. The Canadian Mortgage Housing Corporation is generally known for being a conservative organization when sharing predictions
After all, they are run by the government of Canada
CMHC just predicted Greater Vancouver homes to increase by at least 89% over the next six years.
Considering how conservative they are, and they’re using inaccurate, under-reported immigration numbers from the federal government…
This number will likely be over 100%, which equates to double your current value
Canada needs about 3.5 to 4 million “additional” housing units by 2030 to restore affordability.
Furthermore, I don’t think that takes into account all the immigrants, student visas and overstays.
Do I see all these new housing units built in time?
Definitely not however the province is finally making better decisions toward increasing the housing supply
but we won’t know the success of this until closer to 2030
At the time of this recording, the current average greater than Vancouver home is 1.2 million
To be clear, this is not a house.
This is all property types, which include condos, townhomes, and detached houses
The average condo in Greater Vancouver currently sits at $770,000
The average Greater Vancouver townhouse is currently 1.1 million
And, the average Greater Vancouver detached home is currently 2 million
Let’s keep in mind that these are, again, the average per property type
There’s nothing special about these properties.
Vancouver generally historically doubles around every 10 years
But if you add crazy amounts of immigration, on top of declining new housing, it is a recipe for disaster for future buyers
Or massive opportunity today
Will all these immigrants stay in Canada or better yet, Greater Vancouver?
Probably not all.
Once they get here and realize how disgustingly expensive it is and hopes of homeownership are slim to none,
they will likey go somewhere else but it will probably taking them a few years to depart
Although it may seem impossible, these projections are based on a relatively modest 15% increase in housing prices over the past six years.
Keep in mind, without all these crazy immigration numbers, the past four years have seen prices climb by 36%
Over double the current CMHC projection.
Did you know that building permits are at 20 year lows?
This is the opposite of what needs to happen to avoid this excessive growth
Mortgage rate markets appear to finally have peaked putting us in a declining rate environment
Things are going to kick into high gear once mortgage rates drop approximately one percent and continue to drop roughly another one percent between 2025 or 2026
Rental rates are at an all-time high,
more than ever people are considering potentially buying instead of renting
Now, let’s decode why buying now is a genius move.
When interest rates tick up, it’s not all doom and gloom.
In fact, it often means more room to negotiate on property prices.
And with the current rate scenario, this is your window of opportunity
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Imagine this: It’s 2030.
You’re looking out of your window at the breathtaking Vancouver view, and you’re not just daydreaming – you own this view!
Because 6 years ago, you made the bold move to invest when the market was ripe for the taking
Your net worth is up, likely $1 million as well
Sounds like a future you’d love?
Make it happen, take action and thank yourself later
Don’t let this chance slip away.
Keep in mind, if you think it’s hard to qualify now it’s gonna be a hell of a lot worse in a few years when prices skyrocket
Substantially more down payment will likely be required as well
I recommend you complete the quick process of getting a mortgage pre approval
My mortgage team can help, you can book a time to talk with me, and the link is in the description
Mortgage approvals are free and if done with the right person, you will learn a ton of valuable information about your own situation, and the market
Talk to a real estate pro, get your questions answered, and start your journey.
Whether you’re a first-timer or a seasoned investor, take this opportunity seriously
That’s a wrap on today’s golden nugget of real estate wisdom.
Remember, in Vancouver’s dynamic market, timing is everything.
If you enjoyed this video, you will probably like this one too
Once again, I’m Jessi Johnson, your guide with over 17 years of expertise.
Grab a copy of my best-selling book, ‘Rockstar Real Estate Investing‘, for more in-depth knowledge
The link to purchase my book on Amazon is posted in the description
Remember to Own Your Life!
Watch and subscribe for more!
👉 Learn more, call Jessi at 604 716 6474, email email@example.com or schedule a time to chat here: https://calendly.com/jessirealestate
Don’t forget to pick up a copy of my best-selling book on Amazon, Rockstar Real Estate Investing if you haven’t yet and we are here for your questions at any time. Pick up my book here: https://amzn.to/3uX43SA
Want to chat? Book time to chat with Jessi here: https://calendly.com/jessirealestate ——————————————————————————————————————-
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