Vancouver’s loss is hotspot’s gain
Jennifer Paterson
Other
As the lofty house prices in the Vancouver become more unattainable, B.C.-based investors should look to the Fraser Valley for investment opportunities, say experts.
“It’s a very, very strong buyers’ market right now,” said Randy Dyck, an investor and real estate agent at Eximus.
The demand is highest for two property types in the Fraser Valley: single-family detached homes and townhomes. In February, MLS recorded an increase of 43 per cent over January’s sales and a rise of 21 per cent year-over-year, showing that demand is outpacing supply.
“Generally, we’re finding for all property types if they’re priced right there is a buyer,” added Ray Werger, president of the Fraser Valley Real Estate Board. “However, demand for single-family detached homes and townhomes is the most consistent.”
“Inventory levels are coming down which is putting some upward pressure on prices, especially in the single-family detached market throughout the Greater Vancouver and Fraser Valley areas,” added Dyck.
Some 1,337 sales were on the MLS in February, compared to 1,102 sales in February of last year.
New listings in February 2014 totaled 2,610, which added up to 7,864 active listings, up from January’s 7,307 but a decrease of four per cent compared to February 2014’s 8,210 active listings.
Dyck said the appetite for Fraser Valley properties as investment vehicles remain high. “Cash-flow positive investments had been a challenge, but that’s changing now.”
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