Red hot real estate, bidding wars, back in Lower Mainland: real estate agents
Metro Vancouver’s real estate market is heating up according to local real estate agents.
After a brief cooling down period due to rising interest rates, one agent says he’s seeing full houses pack up again, with all types of properties going fast.
“We’re seeing a lot of multiple offers and the prices are moving up because of that because of supply and demand,” said Vinco D’Ovidio. “We are seeing so many people at open houses, so many phone calls. The market has gone back to what it used to be.”
D’Ovidio said he started seeing more buyers come back in February and sales have continued to climb ever since.
The Real Estate Board of Greater Vancouver also points to steady mortgage rates for the market change.
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” said the board’s director of economics, Andrew Lis. “The latest MLS HPI data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end,” he continued.
Experts say one of the driving forces behind rising home prices is just how little supply there is.
“It’s important to be aware of how kind of serious the inventory situation is,” said Lis. “There just isn’t a lot of product available for sale and that’s across all segments of the market.”
Lis adds that some prospective sellers are also shying away from putting their homes on the market because they’re concerned about their own buying options.
Despite this recent uptick in the market, sales are still much lower that normal for this time of year.
The REBGV reports that residential home sales in April 2023 are down 16.5 per cent decrease April 2022, and were 15.6 per cent below the 10-year seasonal average.
Housing prices are also comparatively low, according to REBGV, down 7.4 per cent from April 2022.
CTVNews.ca Top Stories
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games Tuesday following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.