Newsletter E-market update
June 16, 2016
Elevated demand across Metro Vancouver housing market
Homes continue to sell at an unprecedented rate across Metro Vancouver. Residential property sales in May were up 17.6% from May last year. Last month’s sales were 35.3% above the 10-year average for the month and rank as the highest sales total on record for May. The median selling price of a detached Westside home was $3,527,000. compared to $2,888,000. a year ago. The median price of a detached home on the Eastside was $1,561,000. compared to $1,200,000. last May.
Westside attached properties (townhomes etc.) had a median selling price of $1,310,000 versus $885,738. a year ago and on the Eastside the median selling price was $933,000 versus $686,000 last year. Westside condo median selling price was $675,000 compared to $504,500 a year ago. And, the Eastside median condo price was $445,000 versus $412,000 a year ago.
I think that’s enough statistics to give you an idea of how are market is doing. It seems that every headline or every main article in our newspapers is about the state of our real estate market. Everyone is looking for solutions to our high real estate prices and affordability for local residents. Our local governments are unlikely to kill the goose that lays the golden egg. The more sales and the more developments only add vast amounts of money to their coffers via property transfer tax and municipal property tax. I hope that the local government uses some of that tax money smartly to improve our transportation infrastructure in the lower mainland.
Note however, the Federal government is right now considering ways to make housing more affordable and it wouldn’t surprise me if they put restrictions on foreign buyers at some point in the future. Other countries have already done this. This could range from limiting foreign buyers to one home or, only a brand new home or, to only buying condos. That would create a whole new landscape in our market.
It appears that summer is well on its way and baseball will soon be starting at Nat Bailey stadium. Get out and enjoy the weather and the beautiful environment we are blessed with here in Vancouver. Have a great summer!!!
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