Vancouver has two main industries that call it home. These are the entertainment industry, which has earned it the nickname of Hollywood North, and the tech industry, which has allowed it to grow into the largest tech hub in all of Canada.
The tech industry has been moving faster than ever, enticing people into investing in new companies and seeing how quickly they turn a profit: so what’s this doing to the real estate market?
These are the top ways tech expansion is affecting Vancouver real estate.
How People Can Buy Homes Is Changing
Although the price of homes and the types of homes people are buying are shifting: so are the ways people buy houses. Fewer are using realtors and agents now than ever before. Many are using Google as their main source of information if they get confused or need to understand legal information.
The Covid-19 pandemic, mixed with this easy to access technology, has made it so that many Canadians have bought homes in Vancouver without even visiting the property site.
Vancouver is the Most Expensive City in Canada
A large sign that the industry is drawing in more workers and investors is that the debate back and forth that Vancouver and Toronto used to have over which was the most city in Canada, is over, and Vancouver has pulled far ahead.
Vancouver is incredibly expensive due to the industries here, which has led many people to seek out multiple roommates to live within the city if they’re not working within one of the high-paying industries.
More Are Seeking Single Detached Residences Instead of Condos
Those who work within the tech field are seeking detached homes for sale in Vancouver at a far higher rate. They’re up by nearly 17% in the last year, where they would usually only see an increase of around three to five percent. This means that people are looking to start lives for themselves and settle down in the area: and can afford to do so because of how well the tech industry is doing.
Many Are Expanding Sights to Nearby Vacation Properties
Since there’s so much new money in Vancouver from people whose businesses have taken off internationally, many are seeking nearby investments in real estate. The huge boost in Vancouver’s tech industry has led to an increase in Whistler’s real estate market as well.
This is such a large change that in 2021 an empty and undeveloped plot of land in Whistler broke records by selling for 9 million dollars, only surpassed by properties with homes or buildings already on them. Prices in other surrounding areas have also gone up.
Vancouver is an Amazing Place to Live Regardless of Industry
Whether you’re moving to Vancouver because you want to start a new job, or you’re moving here to retire in one of the most interesting cities on Earth: there’s no wrong reason. Although it’s expensive to live here, it’s worth it for all of the amazing things you’ll get to experience every single day.
