Real estate sales on the upswing in Greater Vancouver
The Real Estate Board of Greater Vancouver has reported a 30.3 percent increase in home sales in January compared to the same month in 2013.
The 1,760 transactions through the Multiple Listing Service in January were also 7.2 percent above the 10-year average.
New listings in January reached 12,602, which was 17.7 percent above the 10-year average.
The benchmark price for residential properties stood at 606,800.
The Real Estate Board of Greater Vancouver does not include Surrey and Langley, which are part of the Fraser Valley Real Estate Board.
On Vancouver's West Side, the benchmark price for a detached home was $2.14 million, compared to $869,000 on the East Side.
The benchmark price for an apartment on the West Side was $482,300, compared to $308,300 on the East Side.
Comments
3 Comments
Governments need to wear the mess.
Feb 4, 2014 at 12:58pm
The federal government's ongoing ridiculously low interest rates are the main culprit here. The municipal government is playing the role of a drunken spectator at pub brawl, egging on the participants. The mess from the crash will resound over a generation. This is a catastrophe waiting to happen. Instead of an economy we have a housing casino.
Mark
Feb 4, 2014 at 1:22pm
It would be great is house prices would also fall as well. You see all this density being brought unto the market, yet most of the condos and houses are bought by foreign owners who barely live in them.
Coal Harbour is like a ghost town at night, and a lot of the streets on the Westside of Vancouver have houses which are empty most of the time.
It's time to restrict foreign ownership, or at least force those who keep multiple condos empty to rent them out. Vision has been bragging about the number of condos being built, but they forget to mention that most of them will not be put into the rental stock.
frances
Feb 4, 2014 at 3:56pm
@Mark. Couldn't agree more, but none of our present administrations will touch this with a ten foot pole, the main reason being it would interrupt their "cash flow".