No respite for property sales in Vancouver-area's scalding housing market

Apr 06, 2016, 09:10
No respite for property sales in Vancouver-area's scalding housing market

"It goes back to that notion that only four per cent of overall sales in Toronto and Vancouver are both within that price range - $500,000 to $1 million - and insured".

The benchmark sales price reached $815,000, which represents a year-over-year increase of 23.2 per cent.

A sold home is pictured in Vancouver, B.C., Thursday, Feb. 11, 2016.

Existing home sales in the city surged more than 16 per cent in March, capping a quarter that saw sales activity hit an all-time high, according to monthly sales figures released Tuesday by the Toronto Real Estate Board.

"Today's demand is broad based". "Home buyers are active in neighbourhoods across our region".

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In total, there were 6,278 new listings for detached, attached and apartment properties in Metro Vancouver in March 2016.

The house already had a demolition permit when it was listed, saving the prospective buyer "months and months" of hassle when it came time for them to build their newer, more-modern home.

The benchmark price for an apartment is now $462,800.

The Real Estate Board of Greater Vancouver said residential property sales in March were up 24 per cent from February.

If Vancouver's real estate market had a theme song, it would be this one. "I've never seen anything like it", board president Charles Wiebe said in a press release.

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It's early in 2016, but Canada's largest city looks like it's on pace to break another record in home sales.

That's an increase of a little more than 27 percent when comparing to March of previous year.

The changes were aimed at slowing the torrid rise in prices in the red-hot markets of Toronto and Vancouver without hurting sales in other markets.

Right now, the average single-family home in the Fraser Valley takes just 17 days to sell, less than half of the average of 43 days recorded in March 2015.

Homes in Delta, Surrey or Langley are not included in the board's tally.

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