Scarcity of Vancouver Homes for Sale Push Prices

Second Opinions

Others tell us that a shortage of detached housing inventory in Vancouver is pushing prices higher.

Scarcity-275-X-224

British Columbia Real Estate Association

Our good friend Cameron Muir, BCREA’s Chief Economist expressed his opinion saying that “a dwindling inventory of homes for sale in the face of strong demand is putting upward pressure on home prices in many regions, with the single-detached market segment experiencing most of the gains.

“We haven’t experienced inventories this low since prior to the financial crisis!” He noted that “home sales for the month were at an eight year high for the month of May.”

How Much?

2015-06-19-Home-Sales-Brisk-Web

“Year-to-date, BC residential sales dollar volume increased 35.5 per cent to $25.5 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.4 per cent to 40,265 units, while the average MLS® residential price rose 10.5 per cent to $631,941.”

Information Copyright BCREA Reprinted with Permission Full Report Here

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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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