Vancouver’s Real Estate Market Reaches Highest Demand in 8 years!

Vancouver’s Real Estate Market Reaches Highest Demand in 8 years!

The real estate market in Vancouver hasn’t burned this hot in the past eight years according to the second quarter results published by the British Columbia Real Estate Association. Demand for homes in the province of BC are the highest they have been since 2007.

“The alignment of economic growth, consumer confidence and rock-bottom mortgage interest rates is pushing home sales significantly higher,” states the report.

According to the report, Vancouver and the Fraser Valley are dominating BC’s housing growth with a 16 and 17 percent increase in sales respectively.

Demand for single family homes in Vancouver is expected to go down, whereas demand for apartments/condos is expected to rise. This will boost the construction of multi-family buildings in the region.

The average home price is also anticipated to rise by seven per cent, to $870,000. According to the board’s estimations, this number will climb further to about $900,000 during 2016. The average price for an apartment in Vancouver has increased 1.4 per cent, to $465,000.

 

 

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