Association renews call for development

by Justin da Rosa on 08 May 2017
The solution to an affordability crisis in this one pricy market is development, according to one industry association.

New home listings in Vancouver were down to 4,907 in April, a drop of 19.9% year-over-year.

Sales-to-active listings ratios were 26% for detached homes, 58.2% for townhomes, and 82.2% for condos.

However, until more affordable homes are made available, the Real Estate Board of Vancouver fears home prices will continue to push would-be buyers out of the market.

“Until more entry level, or ‘missing middle’, homes are available for sale in our market, we’ll likely continue to see prices increase,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president, said. “There’s been record building this past year, but much of that inventory isn’t ready to hit the market.”

Vancouver home sales, meanwhile, were down 25.7% year-over-year last month, with a total of 3,553 of homes exchanging hands. Sales were also down 0.7% from March 2017’s total.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets," Oudil, said. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

Prices continue to rebound.

The benchmark price for homes in Vancouver is $941,100, which is up 11.4% year-over-year.

“Home buyers are looking to get into the market and they’re facing fierce competition,” Oudil said. “It’s important to work with your local Realtor to help you navigate today’s marketplace.”

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