With many B.C. real estate markets booming over the last 18 months, buyers in Greater Vancouver are wondering if there’s any value left in the Lower Mainland.
The market has been white-hot. In a recent interview, REW president Simon Bray says that communities like Westwood Plateau, Steveston, Burke Mountain, Brentwood Park, Metrotown, Kitsilano, Cloverdale, and White Rock have been some of the busiest B.C. neighbourhoods on REW.ca over the last year.
While limited inventory, increased demand, and low-interest rates have fuelled significant price growth, Bray believes that there are still opportunities for long-term growth. One of those markets, located 70 kilometres east of Vancouver on the edge of the Fraser Valley, is Mission, B.C.
“If you look at everything happening around our Vancouver market, and I’m using the broadest definition of Vancouver as I can... the next big [city] is definitely going to be Mission,” says Bray. “Mission is on no one’s map and no one’s radar right now, but there’s a huge amount of supply coming out of Mission.”
With a few thousand homes coming out of the ground in Mission over the next five to 10 years, there’s sure to be an influx of buyers, new businesses, and new infrastructure. Bray suggests that it could begin much more like Maple Ridge in the not-so-distant future, which has seen plenty of interest over the course of the last year.
“With that much supply coming into the market, and the interest and demand people have for that neck of the woods, you’re going to see [Mission] become a major market for Vancouver in the future... long-term, it’s going to be a big market.”
Currently home to under 50,000 residents, the city could be in for some major changes over the next decade.
Listen to the full interview to learn more about the Greater Vancouver real estate market, including which three markets have outperformed all others on REW over the last year.