Despite the recent decline in the Metro Vancouver real estate market, buying property is still one of the safest and profitable, long-term investments available.
That’s the view of J.R. Evans, a Realtor® with Sutton Group-West Coast Realty, who is also an experienced mortgage broker.
“I think real estate is still one of the most solid investments you can make over the long term,” Evans says. “It’s also one of the highest leveraged investments you can get, so the potential for returns are greater.
“I consider it even preferable to the stock market in many respects.”
With real estate in Metro Vancouver now showing signs of having reached its bottom, due in part to a number of government initiatives to cool down a previously overheated market, Evans says prospects look favourable for steady growth.
“I am still positive on the market. In the long term it will go up,” he says. “But is it going to increase 20 per cent in a year? I think those days have gone for quite a long time.
“If you are talking about an average of three to five per cent a year, those are still sustainable for the longer term.
“The correction we’ve experienced is basically leveling off, and it’s a good time to get into the market.”
Figures from this summer’s real estate activity point in that direction.
July had an increase in sales over the same month in 2018, marking the first time in a 12-month period that has occurred.
One of the global events that could help spur the Richmond market is unrest with government policies in Hong Kong.
“I don’t think it will rock the marketplace,” Evans says. “But apparently, there are 300,000 Canadian citizens living in Hong Kong right now, and some may want to divest and return to Canada. And the greater Vancouver area is probably the number one destination they would consider.”
And Richmond is likely near the top of the list, he adds.
“But regardless of any instability in Hong Kong or not, the local real estate market will perform in the long term. I feel very confident about that.”
For more information on the local real estate market and how J.R. Evans can help, visit the website.