There is a continuous demand for property in Metro Vancouver real estate according to the Real Estate Board of Greater Vancouver (REBGV) data released on 5th October. The annual rates have slowed down in the recent months.
However the sales of homes in the past few months have been between 25 and 30 percent above the 10 year sales average according to the president of REBGV. There was also an increase in Greater Vancouver home sales as compared to last year.
If the data on home sales is analyzed, the detached homes saw a slight rise in sales compared to that last year. However the condo-apartment sale saw an increase of about 28 percent as compared to last year. This shows the shifting trend which means people prefer to stay in the urban areas rather than the detached homes. The sale of townhouses also showed an increase as compared to the sale in the previous year.
There are many factors that affect the sale of a house which includes the overall maintenance of the house, the features – both outdoor and indoor and the cost of the house. Buyers are looking for a house that is ready to be moved in to, without spending on repairs or maintenance. The resale value increases if the house in well-furnished and well kept.
In Metro Vancouver, new listings have shown a drop this year by around 7 percent. The main reason for this is that sellers are waiting for fall, to put their houses on sale. Since the homes listed for sale is not keeping up with the demand, there is an upward pressure on prices especially the detached homes. The sellers’ market conditions are strong and prices may tend to rise.
The benchmark price for residential property in Metro Vancouver has been set to a new record, that is, it has risen around 17 percent as compared to last year.
The detached home price has also seen an increase this year with about an 18 percent rise as compared to last year. These homes are having an increasing demand and the rise in price reflects the shortage of supply.
The condo-apartment prices have also risen by around nine percent and the price of these homes is accelerating as the demand for these homes is increasing.
The townhome, an attached unit and other types of homes have seen an increase in price as well by around eight percent.
The home prices vary widely across the region and there is an increasing demand for homes but the listings for sale do not match the demand. Due to this, the prices tend to rise and vary from region and region. It also depends on the type of house, that is, a detached home or a condo-apartment or a townhouse. To summarize the market, we can say that there is a demand for detached homes showing the moving trend towards urban living and the shortage of such listings indicating a rise in the prices.
Naz Allahyari is a Vancouver real estate agent specializing in selling or buying a home in North Vancouver, West Vancouver, and as well as condos in Downtown Vancouver.
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