Real Estate Sales in Metro Vancouver Still Soaring
There seem to be no signs of slowing down in the Vancouver Real Estate market this summer, as more properties continue to sell at higher prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30 per cent increase compared to the 3,061 sales recorded in July 2014.
While demand remains high, the supply of homes on the market is not a match, which according to board president Darcy McLeod can lead to multiple offers and bidding wars on homes in desirable areas.
“Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we’ve seen at this time of year over the last five to six years.”
With the sales-to-active-listings ratio at 34.6 per cent, the Metro Vancouver region remains in seller’s market territory.
Sales of detached homes increased by almost 18 per cent in July, with the composite price at more than $1.14 million. However, McLeod said that this figure does not really represent the entire market.
“Price increases can be very localized, with neighbourhoods that are really hot alongside those that are not, or others where the average price increased a year ago but remained static this year,” he said.
McLeod doesn’t foresee a cooling trend soon in a market that is driven by world factors, noting that the region is attractive to people moving from other countries.
“Will the prices fall significantly any time in the near future? I doubt it,” remarked McLeod.