The Wild Ride of The Vancouver Real a Estate Market




daily market update 189949


Vancouver sees sharp increase in March sales
Vancouver’s residential property marketwas busy in March with MLS sales up 32.6 per cent from February and 53.7 per cent from March last year. The total number of sales recorded was 4,060. Data from the Real Estate Board of Greater Vancouver also reveals that last month’s total sales figure was 26.8 per cent above the 10-year average. The board’s president Darcy McLeod says that there is strong competition with multiple offers, which is great news for sellers: “The number of homes for sale today is below what’s typical for this time of year. If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.” That said, the number of listings was 13 per cent higher in March this year than the same month last year and new listings were up 4.7 per cent. All property types saw large increases in sales year-over-year: apartments up 47.1 per cent, detached homes up 53.3 per cent and attached properties up 72.3 per cent. McLeod added that buyers are acting fast: “For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly for today's market."
Home prices now almost a “two-city phenomenon,” says Kavcic
Toronto and Vancouver are the only cities seeing home prices grow above the average, according to a report from BMO’s Robert Kavcic. Elsewhere in Canada prices are below average, he says, with the long-awaited “soft landing” in many markets and a “harder” one in Alberta and Saskatchewan. The report also highlights that price growth in Toronto and Vancouver has been mainly driven by single-family homes while condos have seen a more moderate rise. This, says Kavcic, is because the ‘new baby boomers’ are now entering their mid-30s and want to move up to family homes; and, with condos having been the main focus of developers in recent years, there is a lower supply of houses.