How to buy a Home in Surrey without over-paying now that Vancouver's Real Estate Market is Out-of-whack!
According to the latest quarterly report from Canada Mortgage and Housing Corporation (CMHC), the real estate in Vancouver is still in a state of vulnerability. This was according to the January 30 edition of the Housing Market Analysis which reported that according to CMHC’s valuation models, Vancouver’s house prices “exceeded fundamentals such as local income and economic growth” and clearly signaled "overvaluation".
The report also pointed towards lower price acceleration for detached homes, but this was offset by the extremely high price surges for condos and townhomes. Similar trends were also observed in cities like Victoria, Toronto and Hamilton.
So how would these prevailing trends turn you away from buying your home in Vancouver? You can keep your options open by looking into the Greater Vancouver area into Surrey.
Only a 45 minute drive from Vancouver, Surrey is easily accessible. Being a part of metropolitan Vancouver, Surrey is a fast growing city along the coastline of Boundary Bay in British Columbia. Surrey has a ton of activities line up all year round and there’s lots of fun stuff to do with families and kids which include fishing, hiking, ferry rides, and biking. If you are a wine connoisseur, you can take a tour of a winery, or enjoy classic French cuisine at a rural farmstead. Driving just outside Surrey will lead you to several historic sites and antique stores. With 35 percent of its land marked at Agricultural Land Reserve, this city is the perfect mix of urban sophistication and rural landscape.
Though the budget delivered on Feb 20 was designed to reign in the surging home prices, it also included speculation tax for out of province and foreign buyers. The impact of the tax measures are yet to unfold in the months ahead and patterns will eventually emerge. Additional taxes are also aimed specifically towards high-end luxury properties where the owner has to pay a certain amount of tax when the home value exceeds a certain sum. This was also a part of reigning in the run away real-estate prices in Vancouver and neighbouring big cities.