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Demand For Houses Still Outweighs Supply in Metro Vancouver’s Housing Market

apartment-constructionAccording to the Real Estate Board of Greater Vancouver, demand for homes in Metro Vancouver is constantly climbing the ladder. On the other hand, there is no sign of an increase in the supply of houses in the market. The REBGV said that listings combined with high demand, precisely for condos and townhomes, continued to influence Metro Vancouver’s real estate market in the month of March 2017.

The Real Estate Board of Greater Vancouver discovered that the sale of residential properties in the province amounted to 3,579 after the first quarter of the year 2017. And when juxtaposed to March 2016’s record-breaking sale of 5,173 houses, it was found that there has been a drop of 30.8% in the sale.

Despite such a fall, there is another statistics that would give the residents of Metro Vancouver a sigh of relief. The residential sales fell when compared to sales in March 2016 but when contrasted with the sales of the month of February 2017, there has been an increase of 47.6% in sales. In February 2017, only 2,425 residential properties were sold.

Also, the data revealed that the previous month’s sales were 7.9%, which is above the 10-year sales average for the month.

The President of REBGV Jill Oudil explained, “While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes.” He further added, “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”

The Game of Numbers

In March 2017, in Metro Vancouver, the total number of detached, attached and apartment properties made available totalled 4,762. The figure indicates a fall of 24.1% as last year in March, the number of units listed were 6,278. On the contrary, the figure points to an increase of 29.9% when compared to the listings made available in February 2017. This is being considered the lowest number of listings in the month of March since 2009.

A statement released by the Real Estate Board of Greater Vancouver stated: “The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 7,586, a 3.1 percent increase compared to March 2016 (7,358) and a 0.1 percent decrease compared to February 2017 (7,594).”

The board said that the market analysts could sense a downward pressure on the house prices when the ratio declines below the 12% mark for a continuous period. However, house prices usually feel mounting pressure when they outpace 20% ratio for over a number of months.

Oudil said, “Home prices will likely continue to increase until we see more housing supply coming on to the market.”

The benchmark prices in Metro Vancouver for all residential properties fell by 1% over the previous six months and rose by 1.4% juxtaposed to February 2017.

To sum it up, the statistics showed that the sale of detached, attached and apartment properties decreased when compared to the property sales of March 2016. The drop in sales also led to the change in benchmark prices of the properties.

vancouver-march-2017
Vancouver housing price overview March 2017 – Image source: www.rebgv.org

 

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Yaletown – A Perfect Cocktail for the Travellers

yaletown
Yaletown

Yaletown, once an unknown land has now become as vital as the fluffiness of a cake to the city of Vancouver. It is now a high-end district with a combination of richness, beauty, art galleries, classy restaurants, cafes, expensive boutiques, high-rise commercial buildings, and latest residential developments.

Today, Yaletown is the warehouse district of Vancouver. It is vibrant, lively and walkable, making the gleaming residential buildings some of the most coveted in the Vancouver city.

This is the present of Yaletown, but for every present, there is a past.

During the early 80s, Yaletown was a flourishing industrial heart of the city of Vancouver. Also, in the year 1886, Yaletown was a western terminus of the Canadian Pacific Railway. Yaletown has been named after the town of Yale that moved its settlement as the Canadian Pacific Railway established its works yards alongside the Northern edge of False Creek.

Though Yaletown may look small on the map, it is surely a denser and important part of the Vancouver city. The perfect region for indulging in food, exploring beautiful sights and enjoying a night life.

Unravelling Days and Nights of Yaletown


When heritage dated modern, a historic district called Yaletown was born. Yaletown is a stylish district that is an incredible combination of a sophisticated and cosmopolitan atmosphere and the friendly attitude found at boutique stores and local restaurants.

Yaletown life has lots in store for everyone. Whether you are a traveller, wanderer or looking for a family getaway or romantic evening, Yaletown allows all articulate their lives in the best forms.

The tranquillity of an oceanfront seawall, sidewalk cafes, trendy and fashionable patios, out of the box shopping options and green leafy parks have made Yaletown and the life in the district the chicest place to hang out in Vancouver.

This is not all, if one wants to get lost in a maze, explore the much-admired restaurants and eclectic shops set along heritage brick walkways. Yaletown is believed to be Vancouver’s premier dining district. Would you believe us if we say, it is home to almost 80 food and beverage eating joints within a 3-block radius?

If the next destination on your itinerary is Yaletown, here are some of the things that you should know to experience the best of Yaletown life:

Spring time in Vancouver???????? PS. New blogpost will be up later this week!

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  •    Satiate your palate! Yaletown has award winning world-class restaurants with covered patios and inevitably requires a stopover.
  •    Take that much-loved ride to or from Yaletown district on Aquabus or False Creek Ferries.
  •    Get indulged and pampered at Blo, Noir Lash Lounge, Pure Nail Bar and Bombay Brow Bar.
  •    Delight in locally brewed beer at Yaletown Brewing Co. and Prohibition Tasting Room.
  •    Go high! The most happening part of Yaletown is its nightlife. There is always something exciting taking place in the district.

Wait until the sun goes down we gon make this bitch light up… #lightupthenight #aceofspades Photo: @justjash

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The list is infinite!

There’s an old saying: “When in Rome be like a Roman.” The saying implies if you want to enjoy the very essence of a place, you have to be in sync with its style. We’ll say, if you want to relish the Yaletown life – do how the people in Yaletown do. After all, this is one place that allows you to actually live like a Vancouverite.    

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