What Comes After Uncertainty? The Next Phase in BC’s Housing Market

If the older generation can comfortably contribute to their offspring’s home down payment, it often allows families to remain closer together, rather than new homeowners having to move far from the city in search of more affordable housing options. Intergenerational aid will likely continue, as 54% of millennials have indicated that they expect to provide the same assistance to their own children in the future. Additionally, everyone can rest assured in the long-term security that building equity offers new homeowners, so both parents and their adult children have peace of mind for the future. A Brief Window of Opportunity However, buyers should be warned that this time of opportunity won’t be around forever. With very sparse sales in the last couple of years, many development projects in the GTA have been delayed indefinitely. By 2026, we can expect that new housing inventory will stop coming in, and future buyers will only have today’s options available to them. When that time comes, we will no longer experience a buyer’s market, but the tables will be turned, and we will be in the midst of a significant seller’s market instead. It will also be much harder for first-time home buyers to enter the market in the future. The government plans to build over 200,000 rental units in the next 2 decades, which means that most developers will stop building condos and pivot toward building rental properties instead. This means that future buyers will only be able to purchase resale condos or new houses (attached or detached) if they want to become homeowners. The limited supply of resale condos and pricier new dwellings will be added challenges that many buyers will face. If you want to seize your limited opportunity today but are unsure where to start, our First-Time Home Buyers’ Seminar is perfect for you! You’ll learn everything you need to know to prepare for the financial obligations, find the perfect property, and buy with ease and security. At our in-person seminar, you will also get to ask any questions you may have with our experienced, caring, and award-winning agents. RSVP today!