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Many people dream of owning a piece of real estate in Vancouver. Vancouver ranks highly on the list of the great cities in the world to live in. The standard of quality of life in Vancouver are very high. Vancouver is a coastal city with a great climate. Making Vancouver home to amazing recreational activities’ such as surfing.
The great characteristics of the city has affected its real estate by.
Having overpriced real estate.
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The cost of real estate in Vancouver has risen sharply over the last couple of years. This can be attributed to the large number of people seeking to acquire properties in the city. This has led to real properties being unaffordable to many people. Some of the mechanisms being implemented to make people able to acquire real estate property Vancouver is.
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Building and construction of high rise residential towers.
Population in Vancouver city has proliferated. Resulting in the number of properties insufficient for the demand. To overcome the challenge of properties scarcity. The city architects are recommending the adoption of designing and development of high rise towers. The the strategy has helped lower the price making more people able to acquire the properties.
Another attempt to reduce cost of real estate in Vancouver have been co-operative housing. This involves different people forming a group where they contribute fund. The the goal of the association is to generate enough finance to buy land and properties. The the idea is to get price cut due to acquiring big properties.
High number of real properties developers and consultants.
The city number one industry in term of growth is real estate. Many people are venturing into real estate business in Vancouver. The objectives of real estate are.
Revenue received for being in charge of apartments buildings.
This involves the advertizement of properties for renting or leasing, collection of rent and maintenance of the apartments.
Resale of real estate at a margin.
The realtors are being driven by the high demand for properties which have continuously risen over the last couple of years.
Planning and construction of commercial and residential houses.
Property agencies are raising capital for construction of both business and households buildings. Scarcity in properties has led to high prices to the sellers.
Vancouver city is among the worlds most industrialized cities. The real estate in Vancouver is mainly used to set up industries. The city real estate has access to great infrastructures such as roads, railways and sea transport. The infrastructure network plays a major role in the growth of industries.
Tourism is another main economic activity in Vancouver. Many people will visit Vancouver for the vacations. Making a large part of the city’s real estate be used for the construction of hotels and guest apartments.