When it comes to the real estate market in British Columbia there is no shortage of praise about how this market, although having it’s ups and downs, appears to always return with a vengence.
We set out to compare this market, particularly the lower mainland of British Columbia with the real estate market in Tallahassee Florida.
Stop right there you say…why would you be comparing these two drastically different markets to one another? And you’re probably right in doing so.
It’s to shed light on the differences between a market that has repeatedly been hit with taxes to help minimize the effects of a real estate bubble and another that has been repeatedly propped up and assisted by local government to help stimulate the market there.
Tallahassee is a small but quaint city with southern charm. Homes here are priced modestly around $220k to $300k on average and even at those prices, can take weeks to sell.
On the other hand we have Vancouver. With average home prices here at $1.5million+ we can see that alone makes investing there difficult for the average person.
Tallahassee realtor Suzanne McGhee claims that currently in the area, even after hurricane season, they are seeing a sharp trend upwards with respect to homes for sale with pools but also lakefront homes around Buck Lack and Lake Talquin.
But no matter where you look, even in the most depressed areas of Vancouver, even though hard to find, you don’t see that sort of variation when it comes to your money/investment.
What this boils down to is this…quite simply when investing in real estate it is best practice to research the history of the local real estate market and also reference projections for the future. In Vancouver it appears that the bubble will likely pop and home prices there could see a sharp decline. However the opposite is the case with respect to Tallahassee homes for sale. There we see projections for a rise in home prices despite natural weather concerns.