One thing is obvious. Metro Vancouver is a seller’s market and demand for housing is outstripping supply. This is especially true when it comes to detached homes.
Darcy McLeod, head of the Real Estate Board of Greater Vancouver (REBGV), acknowledged this reality in his monthly statement, calling it “a competitive and fast - moving market … that is tilted in favour of home sellers.”
Sales-to-active-listings Ratio Hits Highest Level Since June 2007?
The sales-to-active-listings ratio increased to 33.6% in April, which is the highest it’s reached since June 2007.?
The benchmark (or typical sales) price for all types of residential properties in the Vancouver area rose 8.5% (from April 2014) to $673,000. Detached homes climbed 12.5% to a benchmark price of $1.08 million. ?
Detached homes on the east side of Vancouver increased at an even greater rate, as the benchmark price increased to $1.046 million, a 16.2% jump from last April. The benchmark price for Vancouver’s westside hit $2,490,600, a 13% increase from April 2014.?
Current Listings in Greater Vancouver Decline
Right now, there are 12,436 properties listed on the MLS for Greater Vancouver. That’s a 0.5% drop from March and 19.8% decline from April of 2014.The number of new homes listed fell 0.9% compared to last year. ?
What Does This Mean For Homebuyers?
If you’re in the market to buy, you face a lot of competition. Make sure you do your house hunting with a mortgage pre-approval (not pre-qualification) in hand. That way you can act quickly if you find a home you want. Keep in mind that a pre-approval is a commitment to lend you the money, while a pre-qualification is simply figuring out what you can likely afford and qualify for.
If you’re looking for bargains you may also have to look further from the city center. Of late, suburbs, including Surrey, which have been getting increased attention. Also, buyers seeking to save a few dollars are buying properties and renovating them. But, even the homes that need some TLC may have a slew of bidders due to the dwindling housing supply.
Contact 778-800-2587 to Buy or Sell Your Greater Vancouver House
If you're searching for a new home, use the search tools on Vancouver House Finders to locate your ideal home and location. You can also set up alerts for the neighborhoods or types of homes you are most interested in. Also, give us a call at 778-800-2587 if you need any help or want to view a property. If you’re selling, find out the value of your home here.