Vancouver Prices Are Smokin

Smell

Can you smell it? That’s the smell of money burning holes in Vancouver buyer’s pockets as they pay prices that a few years ago would have been considered outrageous.

Slim Pickins

Scarce

Sellers are holding back leaving buyers with ‘slim pickins’ in their hunt for the perfect home. According to the Vancouver Real Estate Board “Strong home buyer demand coupled with below average home listing activity has created seller’s market conditions within the Metro Vancouver housing market.

Darcy the Pres says that “the supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market.”

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

High Ratio Smoke Signals

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

“The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.”

April’s Numbers

Detached

  • April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014
  • $1,078,000 is the new Detached Benchmark price – up 12.5% from April 2014.
Spiraling House Price

Apartment

  • reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014.
  • Apartment Benchmark price reached $394,200, up 4.4% from April 2014.

Attached

  • Attached Sales reached a total of 785 in April 2015 – up 44.8% compared to April 2014.
  • April 2015’s benchmark price was up 5.7% to $493,300.

Full Stats Here

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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