And you think Ottawa is crazy!!!
RED HOT VANCOUVER -BNN Bloomberg News Wow pretty much sums it up. Home sales across Greater Vancouver surged 73.3 per cent year-over-year in February. In fact, the 3,727 properties that traded hands was almost 43 per cent more than the 10-year average for the month. With low rates fueling demand, the benchmark home price in Vancouver rose 6.8 per cent year-over-year to $1.084 million.
VANCOUVER – The Real Estate Board of Greater Vancouver https://www.rebgv.org/real-estate-news.html says the market is heating up so fast that home sales in the region doubled between January and February and have climbed by more than 70 per cent since last year.
The board says February sales in the B.C. region totaled 3,727, a 73.3 per cent increase from the 2,150 sales recorded the year before and a 56 per cent spike from the 2,389 homes sold the month before.
February sales were so strong that REBGV says they were 42.8 per cent higher than the month’s 10-year sales average.
The board says the region saw 5,048 new listings in February, up from 4,002 the year prior.
The MLS home price index composite benchmark for all residential properties in Metro Vancouver reached just over $1 million in February, a 6.8 per cent increase.
REBGV says the market is shifting in favor of sellers because housing supply listings aren’t keeping up with the demand and competition among homebuyers is pushing up price
BNN Bloomberg News https://www.bnnbloomberg.ca/
So is Red Hot Vancouver becoming to Hot to Handle!