According to new data, numerous homes for sale in Vancouver and nearby locales just broke records in terms of pricing during the previous month. As reported in this excerpt from an article on CTV Vancouver, many neighbourhoods in Vancouver have become hot markets for home buyers, despite rising prices.
“Last month saw benchmark prices for detached homes break records in both Metro Vancouver and the Fraser Valley.
The price of a typical detached home in Metro Vancouver shit $976,600 in June, according to new numbers form the Real Estate Board of Greater Vancouver.
That represents a 6.2 percent increase from the same month last year.”
As the prices of most detached single-family Vancouver homes for sale have gone up, one might expect a gradual decrease in demand, right? Not quite yet as the price increase seems to coincide with Vancouver’s luxury real estate that itself is not showing signs of slowing down any time soon.
According to a report by CBC News British Columbia, the demand for homes listed in the one million dollar-plus bracket continues to soar. Top-tier property transactions by numerous realty companies have shown that sales of homes priced over one million dollars in the first six months of 2014 grew by 34 percent, a far cry from last year’s figure around the same time. This rising demand for homes have also pushed the asking price up, with 30 percent of detached single-family homes priced around the one to two-million dollar range, and being bought at over the list price.
In line with the property sales boom, numerous Vancouver neighbourhoods are acquiring certain status as real estate hotspots. According to statistics from various realtors, buyers are even engaging in bidding wars and buying homes over the asking price just to settle in so-called “dream” locations. One particular sought-after locale is Eastern Vancouver, where realtors have noted how listed homes sell fifteen days faster than property sales turnover in other areas.
The neighbourhoods of Main and Fraser have also been put on the “hot” list among area realtors, with demand in the area also outstripping supply. Buyers shopping in these localities typically receive nine to ten offers in one go, and many of those in the list are being offered over the list price, as well. The Cambie area is also getting a fair share of the real estate boom.
As demand is still increasing as of late, investors looking to purchase a property in Vancouver may need to join the bidding wars lest they get outpaced by earlier birds. Topnotch realty companies, such as Vancouver Canada Homes, can present some initial listed homes for interested buyers to get started on.
(Source: Home Prices Break Records in Metro Vancouver, Fraser Valley, CTV Vancouver, July 4, 2014)