{"id":15137,"date":"2020-03-23T10:10:00","date_gmt":"2020-03-23T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15137"},"modified":"2020-03-17T10:59:03","modified_gmt":"2020-03-17T17:59:03","slug":"strong-demand-boosts-house-sales-in-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/03\/strong-demand-boosts-house-sales-in-vancouver\/","title":{"rendered":"Strong Demand Boosts House Sales in Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">A steady demand and a low supply of houses set the tone for a busy housing market in Vancouver in February, with sales increasing both monthly and annually, according to the latest report from Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Over the month, residential sales in the region hit 2,150, representing a 44.9% increase from last year and 36.9% from the previous month. However, the sales recorded in the month were still 15.6% below the February average.<\/p>\n<p style=\"text-align: justify;\">&#8220;Homebuyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market,&#8221; said Ashley Smith, president of REBGV.<\/p>\n<p style=\"text-align: justify;\">Also read: Vancouver amongst world&#8217;s most expensive markets<\/p>\n<p style=\"text-align: justify;\">There were 1,061 sales of apartments in the month, a 75.9% jump from last year. Prices for this property type went up by 0.9% annually to $677,200.<\/p>\n<p style=\"text-align: justify;\">In the detached homes segment, sales reached 685 over the month, up by 52.9% from last year. The segment&#8217;s benchmark price decreased over the month, albeit only slightly at 0.7% to $1.43m.<\/p>\n<p style=\"text-align: justify;\">Attached home sales also increased on an annual basis, up by 45.8% to 404. Homes in this segment had a benchmark price of $785,000 in February, which was a 0.6% increase from last year.<\/p>\n<p style=\"text-align: justify;\">Over the month, there was a 2.8% increase in new listings in Metro Vancouver. Despite this, the total number of listings in the region still fell by 20.7% to 9,195.<\/p>\n<p style=\"text-align: justify;\">&#8220;Our realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you&#8217;re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,&#8221; Smith said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/strong-demand-boosts-house-sales-in-vancouver-327046.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Strong Demand Boosts House Sales in Vancouver<\/a> by Gerv Tacadena | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A steady demand and a low supply of houses set the tone for a busy housing market in Vancouver in February, with sales increasing both monthly and annually, according to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/03\/strong-demand-boosts-house-sales-in-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15137","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strong Demand Boosts House Sales in Vancouver &#8226; 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