Despite the news reports of a housing bubble, demands for houses and condos continue to drive the Vancouver market. With all this activity it won’t be slowing down anytime soon. People, it seems, are willing to pay to live between the picturesque mountains and the ocean in one of the most beautiful cities in the world.
For example, in April, for Vancouver, residential property sales were 4.8 percent above the 10-year average. It shouldn’t be anybody’s surprise that a majority of those were condos and townhome sales which accounted for almost 70% of overall residential sales, according to Real Estate Board of Greater Vancouver.
The percentage of condo sales versus standalone homes is also 10 per cent above the average of almost 60 percent over the same period last year. The overall market is in line with historical Spring levels, however for condos and townhouses, demand has increased for months and supply has not kept up with the pace, causing a bidding war and multiple offers to be the norm. This makes it very challenging to find an affordable place. but hopefully that will change soon with all the new construction that is happening in the Lower Mainland. It seems that many people don’t want to move to the suburbs and are willing to sacrifice space and a backyard to live closer to work, family, and friends.
New Home Sales In Vancouver
New listings for properties in Vancouver totaled 4,907 in April. There has been record building this past year, but unfortunately for home buyers, much of the new homes haven’t hit the market yet. They have to wait until these projects are near completion before putting an offer down.
The average price for all residential properties in Metro Vancouver is currently at $941,100 which is a 5 percent increase over the past three months and an increase of 11 percent compared to last year. Over the also three months, prices of condos has seen the largest increase in the region at 8.2 percent, followed closely by townhomes at 5.3 percent and detached homes at 2.8 percent.
Sales of detached properties in April reached 1,211 and the benchmark price for the average home is $1,516,500. This represents an 8.1 per cent increase over the last 12 months and a 1.8 increase compared to March. Sales of apartments, condominiums, properties reached 1,722 in April.
Overall April has been a very strong month and we expect sales and prices to increase in the next little while, even with the increased construction, we expect Vancouver to be a strong market for both attached and detached properties.