Slight drops in the amount banks are charging in interest have led to some improvement on the housing affordability front in the Vancouver market during the first month of 2014. Whether those numbers remain constant, however, is questionable. , to say the least. Experts are providing locals and potential new residents with a guide to the least expensive locations for real estate in the city of Vancouver. Stakeholders would do well to pay close attention to what they have to say.

Vancouver has always been known for its ultra-expensive home prices, but even in 2014 there are specific areas of potential with less than extremely wealthy people. These areas are restricted to certain houses, buildings, and neighborhoods within the Greater Vancouver area. For example, downtown is considered the most expensive with 1-bedroom condos starting at $200,000 on the low end. Of course, the further you go outside of Vancouver, the less expensive houses and real estate become. The suburbs of Vancouver are nothing to write home about either, with fantastic schools and beautiful scenery, a pleasant life could be made in the surrounding cities of Vancouver.

Although prices saw a slight decrease from last year in the same period, the numbers are still extremely high compared to the rest of the country. Of course, any decline in price is music to the ears of investors interested in the Vancouver real estate market. The idea of ​​improving affordability in Vancouver is a double-edged sword. This may be great news for first-time buyers, but terrible news for people using real estate as an investment. The hope is that prices will drop in certain markets over others to keep investors interested in properties.

The numbers are still extremely high for Canadians when it comes to rent. For example, in the city center, 1-bedroom apartments are on the lower end, $1,385 compared to outside the city, a price reduced to $989 for a 1-bedroom apartment. Still expensive, but almost $400 cheaper per month nonetheless. For families, the numbers are even more dramatic, with the median home price hovering around $700,000 for a 2-bedroom single-family home.

In reality, Vancouver will likely never drop in price and neither buyers nor sellers would like to see that. For now, it seems, Vancouverites are at the mercy of the markets and will be for quite some time.