Ask any Vancouver Realtor today how the market is doing and they will tell you it is hot. This time they are not over-exaggerating!
According to the latest data from Vancouver Real Estate Board, this August is the 6th consecutive month with sales to listings ratio of over 30%. There are many more buyers wanting to buy than there are sellers willing to sell, resulting in strong upward pressure on home prices.
While the board publishes an average appreciation rate of 17.5% from August last year for detached houses in Greater Vancouver, some areas have already increased over 25% in value in that same period! Condos are behind in appreciation at 6% since same time last year. Overall, the number of property sales on MLS this August was 28% higher than 10-year average for the month.
Money from China is flowing in faster than ever. Economy overall is not doing very well and borrowing is very cheap. In fact most experts and professionals in the finance industry expect another reduction in interest rates in the near future. That only creates stronger demand for housing. While no one has a crystal ball, most of the metrics indicate that for the next few months Vancouver home prices have nowhere to go but up (and fast).
The information in this article is for illustration purposes only. Talk to a trusted realtor about your specific situation.