We sat down with legendary realtor Keenan Neilly to hear all about his forecast for the upcoming year for the Burnaby and Vancouver real estate market. A straight shooter with no sugar coating, his outlook looks positive for those wanting to make some money in real estate, but be warned, its only going to continue to get harder to get into the market.
1. What are your forecasts for the next 6 months, 12 months and 5 years in your area?
For the best 6 months I see a rebound from the sales slump from the past 2 years. Especially for apartments and townhomes under $700k and I see this activity remaining steady for this property type over the next 12 months and 5 years as well. There will be minor set backs as government imposed programs filter there way into the the system along with interest rate hikes but overall positive growth is anticipated. The detached market will start to move forward with steady gains. Particularly for homes under $1.5. This will continue its momentum
Into the multi family property types like duplex land and the growth will maintain itself over the next 1- 5 years. Periodic changes will occur as interest rates fluctuate and government does their best to curb inflation.
2. What do you think will be the best investment for home buyers within the following segments - townhomes, homes, condos, apartments?
2 -3 bedroom condos under 700k, detached homes under $1.5 m
3. What developments are happening in your area that are important for the long term potential?
South end of Burrard bridge by the Squamish Indian band,
Metrotown, Brentwood, Edmonds town ctr area, and Loughheed mall.
4. What is the biggest negative or worry for your area with regards to investment vulnerability?
To much emphasis on rental housing development will put a strain on supply of new ( for sale) attached properties and thus cause rapid inflation for this property type.