Decrease in First-Time Buyers: March Updates
Much like 2020, 2021 has represented a uniquely challenging and unpredictable time for all of us, and that’s reflected in the most recent news out of the BC Real Estate Market. Here are some updates to know about.
Fall In First Time Buyers
Usually when there's an upward surge in residential real estate - as BC has seen unexpectedly throughout the beginning of 2021 - it can be attributed to first-time buyers. However, a closer look at the data shows that that is not the case in BC.
In fact, because the rate of growth in first-time buyers was significantly behind other areas, they now make up the lowest percentage of the market in years.
In January these transactions made up just 9% of the market, down a percentage point from the year before, and further down from the rate in the years before that. This trend would also go some way to explaining the next bit of news, a surge in properties in recreational areas, which are often popular choices for second homes.
Buyers Moving To Recreational Areas
One of the prevailing developments in light of lifestyle changes brought about by the Covid-19 pandemic, is the desire people have to move to areas where open spaces are plentiful, and away from crowded over development.
This desire is backed up by the surge in the aggregate price for BC’s recreational areas, such as Whistler, Pemberton, the Gulf Islands, Kimberly, Cranbrook, and the Okanagan.
Prices in these areas are forecasted to rise to an aggregate of $781,918, which would represent a 13% year-on-year increase.
Real Estate is all about having the right knowledge and the right intuition, and when it comes to those things, nothing beats years of experience making the right moves in real estate. That’s exactly what we offer you, and no matter whether you’re buying or selling, we’re here to make sure you secure the best deal you can get. To find out more about how we can help you, get in touch with us today.