The Real Estate Board of Greater Vancouver recently released the March housing market report and it was titled, “Metro Vancouver home buyers out in force in March”. This heading could not be more correct. The real estate market in Vancouver has been extremely active since the start of the year, with home prices and activity up sharply. For us Realtors it’s been a busy spring and our personal experience has seen extreme demand for higher-end, luxury houses in Greater Vancouver, along with homes & builder lots in East Vancouver.
When you look to the 10-year average, home sales were up 26.8 percent in the last month. There was a 13 percent increase in properties listed on MLS over the same period last year but currently the number of homes listed for sale on the MLS is substantially lower than the previous year, by 14.5 percent. This gives you an idea of how many home transactions are happening. There was an increase in properties added but inventory is low. Basically all of the homes on the market are selling and lack of inventory is pushing prices up.
It’s currently a seller’s market and a wonderful time to sell your home. The current sales-to-active-listings ratio is 32.8 percent, which is extremely high. The last time we experienced a Vancouver real estate market so hot was back in 2007.
And our personal observations as Realtors were confirmed, detached family home sales are out of this world, an increase of 53.4 percent was recorded over the same period of 2014. We are often asked why there’s currently a serge demand for the detached house market? And it’s a difficult question to answer. It could be a shift in public attitude or a realization, there’s a limited supply of single-family homes and demand for this type of real estate will always be there. Rates have never been lower and there seems to be a monetary policy in place to keep rates competitive for years to come. I recently wrote an article about competition from foreign buyers, especially since our dollar has lowered, making our real estate a bargain. This could be one of the major driving forces why our Vancouver real estate market is supercharged.
As I mentioned above this is the best time for home sellers to list their properties. We’re experienced Realtors who specialize in the Vancouver region, both Eastside and Westside. If the plan is to sell this spring, let’s sit down and have a discussion about your real estate and how we can help with marketing.