"Building VALUE With Every Move"

Fear Of Missing Out makes a Seller's Market

Seller’s Market

 

According to a new survey by the Bank of Montreal, British Columbians believe right now it’s a seller’s market. The survey of 2,000 Canadians showed that 45% of British Columbians think it is a good time to buy now, whereas 55% are willing to wait until next year. Of these respondents, 27% intend to buy a home within the next 2 years, compared to 22% last year.

 

Why Buy

 

Some buyers are driven by a fear of missing out on the low interest rates, which the Bank of Canada dropped to 0.75% in January, and potential increase in prices. 46% of British Columbians believe house prices will increase next year, compared to 39% of Canadians. Additionally, buyers have faith that their investment will continue to appreciate.

 

Record Demand

 

The Real Estate Board of Greater Vancouver statistics show that the buyer demand in May was the highest in 3 years. As homes are being snatched up, the prices have increased 11.5% for detached homes, 5% for townhomes, and 4% for apartments over last year. This May, the benchmark price in Greater Vancouver for a detached home was $966,500; for a townhouse was $469,100; and for an apartment was $377,500.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.

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