Real estate rush: Vancouver home sales, prices up

Vancouver’s red-hot real estate market showed no signs of cooling in February, which saw hikes in both homes sales and prices.

New figures from the Real Estate Board of Greater Vancouver show the benchmark home price across the region reached $649,700, an increase of 6.4 per cent over the same period last year.

Single detached home prices in Vancouver also increased yet again, hitting $1,026,300.

The rising prices didn’t deter buyers, though. Last month recorded 3,061 residential property sales, a whopping 60 per cent hike over January and 21 per cent jump from February 2014.

The rush kept realtors busy but also proved frustrating for many prospective homeowners, who say bidding wars are becoming all too common.

Neil McIvor told CTV News he ended his six-month search for a home last week after losing three bidding wars in a row.

“Every one of them went above what the asking price was,” McIvor said. “It gets emotionally wearing.”

February’s sales were also up 20.2 per cent over the 10-year sales average for the month, according to the REBGV.

Analysts believe Canada’s low dollar is fuelling foreign investment in housing, and that uncertainty in the oil industry is keeping workers who used to flock to Alberta at home.

“All of the migration that used to happen out of B.C. and Ontario into Alberta for those jobs is probably going to ease off,” said Greg Bonnell of the Business News Network. “That‘s more demand for housing.”

With a report from CTV Vancouver’s Scott Hurst