As Vancouver home prices continue to soar, some parents are ensuring their school-aged children and toddlers won't one day be priced out of the city. Parents and grandparents are purchasing properties with their young children in mind, and renting the homes out until the youngsters are ready to move in.
According to the Canadian Real Estate Association, Greater Vancouver saw a 29.7 per cent year-over-year price gain. The Real Estate Board of Greater Vancouver, meanwhile, marked another record-breaking month for housing sales in the region, as the benchmark price for a detached home increased to more than $1.5 million.
But concerns around a potential correction in Vancouver's housing market has some real estate experts questioning whether buying property in the city is the safest investment. "It says to me that people think the values (in the housing market) are going to continue to climb, and I don't think that's necessarily the case. Certainly not in cities like Vancouver and Toronto," John Andrew, executive director of Queen's University Real Estate Roundtable.
Links:
It's a growing trend in Vancouver's housing market: condos for kids
Vancouver parents are thinking long-term: buying condos for their kids
Why Vancouver parents are buying condos for their young children
