Lower Mainland, British Columbia is booming right now in real estate sector. The skyrocketing demand for its commercial properties is lifting up the lifestyle of this place undoubtedly. Want to know more about what propelling this growth or why you should buy a commercial condo here right now?
Land- the chief reason
The percentage growth of commercial land sales of Lower Mainland spiked an incredible 80% more in the first quarter of 2017 than that of 2016. The lower mainland is expanding, attracting new organizations, young professionals and a flourishing community along with it. The recent report of Real Estate Board of Vancouver has given the similar confirmation for a commercial land property. And if it is to believe, the hoopla around Lower Mainland land is only getting bigger here on.
The scarcity of land is what fuelling the demand primarily. Be that as it may, this is not the only one. Economy and rate of interest are other factors too. The anticipated 3% development growth of British Columbia economy has injected fresh blood into the already ‘alive’ market. In other times, commercial real estate takes a longer time to get sold than that of residential property. But not anymore in the lower mainland.
The optimistic economic growth has brought in the steady line-up of investors. Also, a greater presence of young professionals ensures- that there will be no dearth of talented human resource for the economy to roll along.
Promising real estate future
Historically, it has been always wise to invest in commercial property in BC’s lower mainland. In 2016, this area alone had contributed to most in the aggregate national sales of real estate. With increasing political turmoil in the south of the Canadian border, British Columbia with it’s a stable social structure and hot economy, going to pull in investor in future too.
The real estate bubble of Canada has been a constant bother since 2007. It’s only now that the government is implementing stricter regulation in the market. On off chance, you have been reluctant to purchase commercial property in BC so far, then rest assured. It’s only going to improve for lower mainland real estate.
Suitable for foreign nationals too
To stabilize the real estate bubble of Canada, the federal government has imposed an additional 15% tax for foreign nationals since August 2016. Though it has brought prices slightly down, but also acted as a dampener for non-citizen investors.
If you are a temporary resident, who has been planning to purchase a commercial condo in lower mainland so far, this piece of news might seem discouraging initially. But fret not, as the British Columbia federal government offers a convenient provincial nominee program for outsiders. Through this, you can easily buy your dream condo without shelling out that extra 15% duty.Lower Mainland is showing a promising future for both the sellers and buyers of commercial property. Read about the market extensively, ask around the experienced brokers and afterward, take an informed decision. With Canadian economy surging ahead, you won’t mourn your choice later. This can be guaranteed.
Lower Mainland is showing a promising future for both the sellers and buyers of commercial property. Read about the market extensively, ask around the experienced brokers and afterward, take an informed decision. With Canadian economy surging ahead, you won’t mourn your choice later. This can be guaranteed.