“It’s an active and competitive marketplace today,” said Ray Harris, president of the Real Estate Board of Greater Vancouver. “Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now…We’re seeing more multiple offer situations and generally more traffic at open houses today.”
Indeed, the average price of detached homes rose 9.7 per cent to $1.03 million in February, while condo prices were up three per cent to $386,500.
Those increases were in stark contrast to the severe declines the Calgary market is currently facing. In February, home sales fell 34.22 per cent from the year-ago period. Average prices in that city, however, were down less than two per cent, to $420,000.
Agents on the ground, meanwhile, have been calling for rational reactions to what is actually happening in the market.
“The world is not ending out here, but it is correcting itself and, depending on how long the prices stay where they are and how low they go, there will be a ripple,” Duane Ritter, a sales rep in Alberta, told REP. “We just don’t know how big the ripple is going to be.”
Sales of detached properties rose 25.6 per cent over the year-ago period, while condo sales were up 20.5 per cent from February 2014.