Real estate in Vancouver, British Columbia has been in the limelight these past few years and has turned into one of the most expensive regions on earth. The development of housing has been happening at such a rapid pace that there has been a scarce supply of land to continue building.
Despite the recent move from Britain to depart from the European Union, the city of Vancouver remains an attractive choice for local buyers and investors abroad. Depending on where you are in the world along with your personal circumstances, the key elements of attraction may vary. Below we have listed the top 5 universal reasons why investing in Vancouver Real estate is an attractive endeavor.
The metropolitan area of Vancouver known as Burnaby is the one region of the city that is most blended in its ethnic variety. From, ‘Korean, Sri Lankan, Chinese, white, Japanese, South Asian, Vietnamese or African, there is no place in Metro Vancouver — or arguably Canada or even the world — where you’re more likely to interact with someone of another ethnicity than in Burnaby.’ The businesses and intersections of Vancouver are filled with multicultural groups and individuals. One article claimed that a business environment made, ‘the customers and staff look like a snapshot from a casual United Nations outing.’ Newcomers are attracted to Vancouver because of its rich diversity of culture and lifestyles.
Low Property Tax
Investing in Vancouver real estate does make sense but living there is a different story. This is because the property taxes for Vancouver real estate is significantly low in comparison to the high income tax. For people that want to invest in Vancouver, it is a great opportunity because there are no taxes currently in effect for vacant houses. This is why there is a high rate of homeowners that own a property in Vancouver but work in another Canadian region or abroad.
Low Interest Rates
In conjunction with low rates of property taxes, low interest rates are what fueled a lot of the city’s population to grow exponentially. There were plans to increase these rates later this year but with the post-effects of the recent Brexit last month, the Bank of Canada had no choice to keep interest rates low until further notice. Although Vancouver might be one of the most expensive areas in the world, the low interest rates and property taxes is what’s going to keep homebuyers compelled to invest.
Low Crime Rates
The frequency of violent crime and sexual assaults decreased in 2015. Although, murders and property crimes have increased, it is still extremely low compared to other cities of similar density. In 2015, there was a reported 9 murders in Vancouver and compared to 10 or 12 years ago, property crime has happened significantly less.
This is a huge selling factor for homebuyers abroad that generally send their children to attend school outside of their home country. Most of the schools have high success rates and continuing education is well accommodated to international exchange students.