Where to Buy Presale in Vancouver?
Of course the keyword here is "Where" and that is a classic phrase in real estate world, Location, Location, Location!.
No matter if it is a resale or presale homes for sale in Vancouver, location is the most important factor to consider, when selecting a new construction property.
But there are so many development and new construction presale out there. How do you choose amongst those?
Since no one can predict the future in real estate, As a Vancouver Realtor and real estate specialist, I work with trends and data available for the past years.
The available data through British Columbia real estate Association and Vancouver Real Estate Board can be stretched to maximum year in beginning of 2005. There are two ways to analyze these data and available history.
- Home Price Indexing (HPI)
HPI provides an average benchmark value as well as a growth in a certain sub-area. It is important to know that although HPI includes all resale and new homes combined, yet it is a perfect start to know the average percentage of growth in an area.
- Average Sold Price
Similar to HPI, average Sold Price category shows an average growth in sales percentage, and with this category, we can separate new homes from older homes, number of bedrooms and more.
Now we have two separate calculation result. One of the method of knowing where to buy a new construction or upcoming presale home for sale is to combine the two result of HPI and Average Sold Price in that sub-area and compare it with other communities. This way, you'd know which community and sub-area had the highest growth for the past five, ten or maximum number of years since 2005.