Metro Vancouver housing market heating up, realtor says

Get ready to buy quickly if you spot something you like, as those in Metro Vancouver’s real estate industry say things are heating up after a slow winter.

One mortgage broker says more buyers are moving into the market, but there is still a low supply of listings.

“We are seeing a return to the competitive offers with multiple buyers in on the same properties. In a number of cases, that is leading to prices well-over asking,” realtor Dan Pigott said.

“Buyer interest has definitely come up, that’s a normal thing that we see in the spring market,” he said. “With the stability to interest rates and the continued low amount of inventory, they’re starting to complete over the limited product that is available and it seems like consumer confidence has returned to our market.”

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He says people should be ready to buy at a moment’s notice.

“Buyers: Get preapproved and be ready for your opportunity,” he said. “The supply is still so limited, so if you see good value — my advice is to jump on it because we don’t know what the future holds.”

He says consumer confidence is returning after a sluggish real estate market during the winter, and early indications point toward a seller’s market.

One long-term mortgage broker at City Wide Mortgage Services adds buyers are looking at shorter fixed rate terms, around two or three years, and hoping the interest rates will come down so they can lock it in.

“We have seen an uptick in clients looking at fixed-rate mortgages,” Zaheed Valli-Hasham said.

Valli-Hasham echoes Pigott’s recommendation that buyers wanting to get into the market should make sure they have a preapproved mortgage so they can make a strong offer, especially if there are multiple offers on the same place.

“With these rates having come down a little bit off their highs that we have seen over the past few months, it is giving more confidence to buyers to get into the market,” Valli-Hasham said.