In the new year, the real estate prices of Metro Vancouver have continued to soar to unbelievable heights, reaching record prices and record numbers.
Although this never-ending rise of home prices is nothing new to the residents of Metro Vancouver, Vancouverites have yet to see such a dramatic rise in the past. For anyone interested in investing in a home in Metro Vancouver, these are the latest statistics to keep in mind.
The Real Estate Board of Metro Vancouver recently released a report stating that in the last month of January 2016, the average price of a detached Metro Vancouver home had reached a staggering $1.82 million. This astonishing average pushes January to rank as the second highest selling January ever recorded by the Real Estate Board of Greater Vancouver (REBGV), as it represents a 45% increase compared to the 10-year sales average.
If you are looking into buying a detached home in North Vancouver, real estate is currently valued at $1.37 million. While on Vancouver’s West Side, the average cost of real estate has skyrocketed to $2.76 million, meaning that since 2006, the prices have grown 131%.
Not only are prices rising, but there is also no sign of change in the near future. According to Darcy McLeod, president of the REBGV, these prices will only increase. As stated by McLeod, “Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years”. In other words, with so little homes being sold, the sellers are now running the show, and market demand is burning hot. Residential property sales in Metro Vancouver have now reached 6,635 on the Multiple Listing Service® (MLS®), which portrays a 38.6% decrease compared to the sales recorded on January of 2015.