Real estate update
If you thought that home buyers had packed up for the summer and taken a break from the real estate market last month, think again. June was yet another stellar month for real estate market in Greater Vancouver. In fact, overall sales figures for the month were the fourth highest in the Real Estate Board’s history! That’s incredible.
What’s fuelling this boom? Strong demand, of course. But there are a number of elements that have lined up to make real estate investing particularly attractive. First, interest rates are still very low, making the argument of owning versus renting almost a no-brainer. Then there’s strong consumer confidence and solid economic growth. When the economy is buzzing along nicely, many people feel more confident about taking big steps like investing in real estate. Then last, but not least, there’s the allure of owning a home in a world class area like the Lower Mainland. Who wouldn’t want to own a piece of this beautiful, vibrant city?
So how well did the real estate market perform last month? Well, sales of attached homes for Greater Vancouver hit an all-time high of 708 sales. Detached houses fared nearly as well, posting 1,851 sales, the second highest figure in the last 10 years. Sales of apartments increase 18.3 per cent, attached properties rose 27.3 per cent, while detached houses climbed 27.7 per cent. Overall, sales for detached, attached and apartment properties rose by 23.6 per cent in June alone.
Another question you may be asking is, where are people buying? According to recent sales figures, many first-time home buyers are particularly attracted to Coquitlam, New West and Richmond - areas where they’re able to combine affordability, convenience and quality of life. Sounds like the winning combination to me!