The Real Estate Board of Greater Vancouver released a report on Dec. 2, 2015 with the heading: “Housing demand remains strong despite diminishing supply.”
Let’s take Richmond’s single family housing market for example, in the past 7 days, 52 homes were sold but only 43 new homes came onto the market.
In Vancouver, 74 homes were sold while only 60 new listings came onto the market in the past week.
In Burnaby, 30 homes were sold while only 17 new listings came onto the market in the past week.
So demand is stronger than supply in the detached home sector.
REBGV president Darcy McLeod said “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”
November is typically one of the quieter months of the year, but not this year, especially not in the single family house market.
So where is the market going in the coming year?
An article from CBC says “Vancouver real estate prices will keep rising for 2 years, predicts economist”
Another article in the Province pointed out that “Vancouver real estate is a Mainland Chinese buyers’ market, study says”
According to the Goodman Report, Vancouver’s multi-family market is also in overdrive. The reasons are many and include “the highly regarded world-wide allure of Vancouver, continuing high immigration levels, a weak Canadian dollar, a chronic shortage of affordable accommodation, well-documented difficulties in developing new rental stock and ground-hugging interest rates.”