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
NEW Inside Canada's chaotic response to avian flu
A CFIA official is calling it the 'largest animal health emergency that this country has ever had to face.' A joint IJF/CTV News investigation looks into Canada's response to the bird flu pandemic, and how it's ravaged the country's farms.
Sleepy during the day? You may be at higher risk for a pre-dementia syndrome, study finds
If you find yourself sleepy during your daily activities in your older age, you may need to consider it more than an inconvenience — since the fatigue may indicate you’re at higher risk for developing a condition that can lead to dementia, a new study has found.
Kamala Harris concedes: Here's what she said in her speech
Democratic Vice-President Kamala Harris conceded the U.S. election to Republican Donald Trump Wednesday afternoon, telling her supporters that her 'heart is full.'
What Donald Trump's election victory could mean for Canada
Following president-elect Donald Trump's decisive election victory, there are sure to be significant knock-on effects for Canada. Here's a look at the different areas in which a second Trump presidency may affect Canadians.
B.C. court allows police to apply to dispose of evidence from Robert Pickton's farm
The B.C. Supreme Court says it has jurisdiction to order the disposal of thousands of pieces of evidence seized from Robert Pickton's pig farm decades ago, whether it was used in his murder trial or not.
Newfoundland hockey player suspended, banned from local arena after off-ice fight with fan
A combination of a thrown stick and thrown punches have given a senior hockey player in Newfoundland a three-game suspension and an indefinite ban from one of his league's six arenas.
'Canada will be absolutely fine': Justin Trudeau, his ministers and Pierre Poilievre congratulate Donald Trump
Canadian Prime Minister Justin Trudeau and members of his cabinet congratulated Donald Trump Wednesday morning on his second United States presidential election win, amid questions about how the federal government intends to navigate a second term.
Why an early celebration cost a New York Jets rookie his first NFL touchdown
Malachi Corley's first NFL touchdown put him on highlight reels around the country and got social media buzzing because it didn't count.
Controversial Australian Olympic breakdancer 'Raygun' retires from competition
Australian breaker Rachael Gunn has told a Sydney radio station that she plans to retire from competition just three months after her unconventional routine at the Paris Olympics led to her being ridiculed and spawned conspiracy theories about how she qualified for the Games.