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.
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.
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.