Real Estate market in Vancouver sets the alarm as house sales has become more expensive through the summer. The prices have increased by 17% as the demand of single detached homes also increased.
CBC gives details about the latest figure that has been shared by Real Estate Board of Greater Vancouver. It says that the benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from the year before, to nearly $1.16 million."
In some parts of the East Vancouver- Burnaby, Tsawwassen and Ladner-, housing prices have shout up as well. The figures indicate an increase of 20%. Despite increase in prices, the overall home sales have also gone up by 28% in contrast to the 10-year average of August as per report of the board. In addition, the board also mentioned that there was no summer lull in the market this year since the buyers are motivated. However, "they're competing for a smaller supply of homes for sale than is typical for this time of year," board president Darcy McLeod said in a press release.
Vancitybuzz states that the 1st day of the month "feels a bit like Groundhog Day when the Real Estate Board of Greater Vancouver releases their monthly statistics." the online magazine also noted that the "unaffordable housing saga" seems not to end anytime soon. For an average Vancouverites, who is hoping to get a new house, it seems that there is now way for the person to get into the housing market.
With the unstoppable increase of housing prices, a decent and comfortable single detached homes of today with a nice backyard and drive way can have an average price of $1,159,600. Such type of property which was normally bought by parents in the 80's was only sold for $300,000. But today, "the price of a detached home in Metro Vancouver rose 17.5 per cent between August 2014 and 2015. Last year at this time, they were under $1 million. They were just over $900,000 in 2013."
The slowest rate in the real estate market are only the sales of apartment properties and attached properties. Perhaps, this is the only housing market that people can (most can still barely) afford.
Real Estate Board of Greater Vancouver has shown a startling figure of housing prices as they have filed the result of their monthly statistic