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Investing in Real Estate is Smart.

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  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jan 24th, 2020 at 8:23 am

January 24,2020
Predicting the real estate market challenges the professionals.  Looking back to an article in the Vancouver Courier from 2018: 


The Canada Mortgage and Housing Corporation’s (CMHC) Housing Market Outlook largely agreed, predicting, “Overall, we anticipate MLS sales to trough in 2018 and see some recovery in 2019-20.”
The Canadian Real Estate Association’s forecast was much less optimistic about B.C. sales activity next year. CREA said that, following an overall 24.2 per cent annual decline in home sales across B.C. in 2018, resale transactions would drop in the province by a further 5.2 per cent in 2019.
The B.C. Real Estate Association went in the other direction with its sales predictions, taking a bullish stance. It said in its November forecast that sales in 2018 would total around 80,000 by the end of December, down 23 per cent from a year ago, but would then rise in 2019 by around 12 per cent to total 89,500 home sales across B.C.
Cameron Muir, BCREA’s chief economist, said, “Continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.”
General consensus: With one group predicting a notable recovery, one a further dip and two a slight increase, perhaps we will see B.C. home sales largely remain at subdued 2018 levels through this coming year.

However on Vancouver Island, more specifically Qualicum Beach, Parksville and Nananimo, we have seen a 60% rise in market prices over the past three years, however showing a slight dip of 3% in 2019 Assessment Authority values.
Who can predict what will happen in the real estate market over the long term, or even tomorrow, as we have seen major economic shifts in world markets, unheaval in USA politics and now with China's viral outbreak. The oil markets are 'down', with the attitude of storage surpluses, challenges in the USA fracking industry and concerns over natural gas consumption. We are also hearing world trends where some countries are phasing out nuclear reactors, and yet new nuclear hydro projects are online to operate.
Predicting how human lifestyles will change is difficult, but history has proven a continual increase in world population to the tune of 7.5 billion, with two deaths and four births every second. As population continues to grow, real estate continues to be a challenging market because we are confined to existing land mass.

Everyone needs a home, therefore in the long run, consensus suggests investing in real estate is smart.

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