Vancouver house prices rise in August due to little supply

VANCOUVER (NEWS 1130) — House prices in the Lower Mainland show no indication of slowing down, as a lack of supply drives a massive increase in August.

The Real Estate Board of Greater Vancouver released its latest market analysis showing regional sales to be 20 per cent higher than the ten year average, with the average home sale price now up to $1.8 million.

The board says the major contributing factor to driving up the price is a lack of listings.

Realtor Katrina Amurao says in this climate, properties which may not usually be considered prime real estate are now a hot commodity.

“We have noticed that people who own properties that are typically harder to sell, they’re selling now — properties on a busy street, properties that are unique, properties that buyers wouldn’t buy, that are backing onto a power line.

“Last Monday when we had multiple offers for a property pretty much on a busy street. We still had ten offers, and the property got offers that are $100,000 over what we were asking,” she says.

Amurao says would-be buyers are getting more creative as they try to get into the housing market.

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“We have family members buying together, buying a bigger house, but they’re combining their resources and their income together to be able to afford to buy the bigger house.”

She says the work-from-home movement brought on by the pandemic is still a big consideration for buyers who are still looking for any extra space in a home that could be transformed into a home office.

“People are more sensitive now to having a home office. So they need more space, just in case we continue to be in the pandemic and we still have to work from home,” she says. “People are more conscious that ‘just in case I need more space, I have it at home.'”

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