House Prices In Vancouver Are Hitting New Highs Due to Short Supply

The latest sales statistics in Vancouver have some unbelievable figures that indicate how difficult it has become to purchase even a modest condo in the city.

According to Snapstats, a research firm which analyzed last month's MLS sales data in the city of Vancouver, condos and townhouses in downtown Vancouver by the end of the month cost just under $600,000. Condos and townhouses were dramatically outpacing new listings. Attached properties were at the $700,000 mark on Vancouver's east side. This also means, the pool of available homes is draining faster than it is being refilled.

The British Columbia Real Estate Association has been seeing this trend of over 100 per cent sales ratios throughout the city of Vancouver for several months and it has developed a new term for the phenomenon. The association is calling this an "accelerated" market.

A non-profit association called The Urban Development Institute which represents the development industry and related professions says that there are many factors affecting rising prices of homes but lack of supply both in location and type of house is a huge problem.

Reference: CBC News

http://www.cbc.ca/…/…/vancouver-real-estate-prices-1.3498070