Much property in British Columbia continues to be unaffordable to many which is fuelling the crisis in the market. High prices are actually forcing some British Columbia residents to look outside the province when it comes to securing real estate and some analysts say this is having a negative effect on market balance overall. Inflated prices make it difficult for some — like seniors, young families and single individuals — to purchase real estate in the province.
Many prospective new buyers are virtually being pushed out of homeownership since they simply can’t afford a home. And current homeowners are feeling the pinch as well since many can’t sell their homes and can’t afford to get back into the market. In fact, many people are describing the 2020 market in British Columbia with one word: unaffordable.
The situation has also caused an affordability crisis in the rental market around the province, particularly in urban areas like Vancouver. It is very difficult in this circumstance for the market to correct itself given the lack of new buyers and homeowners who can’t upgrade with a move. To keep the market balanced, an injection of new buyers is needed and many simply can’t even afford to buy a starter home since with prices as they are, they no longer exist.
But no matter how volatile the real estate market is in British Columbia, transactions do continue to take place. When they do, it is vital that a lawyer experienced in the laws that govern real estate is included in any transaction. A lawyer will always have the best interests of his or her client in mind when overseeing any contractual obligations whether a client is on the buying or selling end of a deal.