A surge of buyers into Lower Mainland real estate markets in March, along with limited inventory, pushed values for detached homes to new heights, with the average house price in Metro Vancouver topping $1.4 million for the first time.
The spike in sales has seen bidding wars in hot neighbourhoods such as east Vancouver and North Vancouver, which has been hard on buyers and has some potential sellers sitting on the fence over concerns they might not be able to get back into the market.
“It’s people wondering what’s the peak,” said realtor Soria Kanji. “‘If I sell now, will (the market) continue to go up,’ versus ‘I don’t want to miss the peak.’”
In the Real Estate Board of Greater Vancouver reported 4,060 sales through the Multiple Listing Service in March, a 54-per-cent increase from the same month a year ago and 27-per-cent higher than the region’s 10-year average.
At the same time, the board’s inventory of active listings rests at 12,376, which is 15-per-cent lower than last year’s level.