Vancouver real estate sales fell in March from record-breaking levels last year, but prices continued to rise, jumping by more than 20 percent amid shortages.
Real estate sales fell by about 24 percent annually at 4,344 units last month, according to Real Estate Board’s Great Estate Board data. While sales figures were below record, the board noted that it is still historically high and has risen about 27 percent from 3,424 homes sold in February. The board added that there is a high demand for a real estate agent in the Metro Vancouver area.
The stop price rose to $ 1.36 million, an increase of about 21 percent since March last year.
“March 2021 has been the best-selling month in our history. This year’s work, while still in its infancy, is taking place at a slower pace than we did in the previous 12 months, ”said REBGV chairman Daniel John. “Home buyers are keeping an eye out for rising interest rates, hoping to take action before the expiration of their locking prices.”
The prospect of higher borrowing has increased demand in all Canadian housing markets as buyers rush to enter before the closing of the low price window. Other hawkish comments from Canadian Bank deputy governor Sharon Kozicki in late March have led to speculation about an aggressive price hike, which could send buyers aside.
Many economists are expecting a 50-point increase on April 13 as the central bank battles inflation, which adds to the pressure on borrowing costs. Elton Ash, vice president based in B.C. at RE / MAX, you expect the central bank fraud to dissipate heat in the market.
“We fully expect that, especially with the next rate hike, which is predicted to be half the percentage, that consumer demand will start to decline,” Ash told the Financial Post, adding that he expects results that will show up. four weeks after the trip, if the existing collection of pre-authorized buyers disappears.
“The number of homes listed for sale in our (multi-list) program today is less than half of what is needed to change the market in a limited area,” John said in a statement.
Fewer households are also coming to market compared to last year as new listing of enclosed buildings, attachments and living quarters dropped by more than 19 to 6,673 percent. On a monthly basis, listings had risen by 22 percent, which is a sign that the spring season for real estate may begin to rise.
“We have seen the market since January, February now at the end of March, we have seen an increase in the list every month than before coming to the market,” Ash said, adding that the months from March to May usually see very high volumes. “The good news is that we are seeing more homes coming out of the market than last month. But we should be offended by the news that we are still in dire need. ”
British Columbia is looking at new ways to strengthen the housing market in the province. Last week, B.C. the government has announced it will set a “cool time” for home buyers to help promote strong consumer protection and address high housing costs. Details of how long it can take and what financial penalties consumers can expect if they decline from the offer will be released later this year.
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