Home demand still outstrips supply in Metro Vancouver but price hikes slow: report – BC

Dwelling gross sales throughout Metro Vancouver remained properly above the 10-year common in September, however the Actual Property Board of Higher Vancouver says costs haven’t climbed as sharply.

The board’s housing market report for September exhibits gross sales have been 20.8 per cent above the 10-year common for the month whereas new listings have been 1.2 per cent beneath.

Simply over 9,000 condos, townhomes and single-detached houses have been listed on the market in September and statistics from the board present 34 per cent of these modified arms.

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Analysts say property costs typically climb when the share of gross sales in contrast with listings is above 20 per cent, however regardless that gross sales have been sturdy, board economist Keith Stewart says strain on costs was not as intense.

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The report exhibits the composite benchmark worth for all residential properties in Metro Vancouver is slightly below $1.2 million, a 13.8 per cent enhance over September 2020 however a rise of solely 0.8 per cent since August.

Stewart says residence worth tendencies will differ relying on property kind and neighbourhood and warns the variety of properties listed on the market can’t meet demand, in the end forcing costs increased.

Click to play video: 'Vancouver housing market experiences low vulnerability rate: CMHC'

Vancouver housing market experiences low vulnerability charge: CMHC

Vancouver housing market experiences low vulnerability charge: CMHC

“With the federal election now behind us, we hope to see governments in any respect ranges work with the development trade to streamline the creation of a extra plentiful and numerous provide of housing choices,” he says within the report.

The benchmark worth for a indifferent residence was over $1.8 million in September, a 1.2 per cent improve from the month earlier, however a 20.4 per cent leap since September of 2020, the board says.

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Townhomes additionally recorded a double-digit soar in benchmark worth, promoting for a median of $963,800, 17.5 per cent above final September and mirroring the 1.2 per cent month-over-month improve of indifferent properties.

Condominium gross sales noticed the smallest month-to-month worth soar at simply 0.5 per cent, the report exhibits, whereas the benchmark worth was $738,600 in September, an 8.4 per cent year-over-year-gain.

Areas lined by the Actual Property Board of Higher Vancouver embrace Richmond and South Delta, north to Whistler and east to Maple Ridge and Pitt Meadows, aside from Surrey, Langley and White Rock.

This report by The Canadian Press was first printed Oct. 4, 2021.

© 2021 The Canadian Press

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