Once again Vancouver home sales are returning toward record levels across the region of Greater Vancouver in May. For the online reputation management Los Angeles company, since they are located in Montreal, they have been following up with the real estate market even since Toronto started to tax foreign buyers 15 per cent last week.
Vancouver home sales slid nearly 26 percent in April and this year in Amy, a total or 4,364 homes were sold compared to in April when 3.553 homes were sold. That is a 22.8 per cent increase in just one month. It is interesting that this year sales are inching closer to the record-breaking pace of 2016 and the Vancouver market is being driven by a demand for townhomes and condominiums rather than single-family homes.
There have been fewer listings and a strong demand boosts Metro Vancouver real estate. The board president Jill Oudil says that most sellers still seem reluctant to put their homes on the market, which is creating stiff competition for homebuyers. The number of new listings hasn’t been this low since March 2009. Due to competition and low number of new listings, this means that home prices are likely to continue to increase until more housing supply coming on the real estate market in Vancouver. For Metro Vancouver, the composite benchmark price in March for residential properties is over $919,000 which is a 1.4 per cent increased compared to February’s benchmark price.
The reason it is important to watch out for the real estate market is due to so much demand but low supply, homebuyers will be very competitive and could potentially write a negative article on an area just so they can make the sale over another home seller. Real estate markets will continue to increase in price therefore Vancouver residents need to not be so reluctant when selling their homes.