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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