Emma Crawford Hampel
Other
Home sales in the Greater Vancouver area have been healthy thus far this year, due in no small part to the city’s attractiveness to foreign investors and newcomers.
Re/Max’s Spring Market Trends Report 2014 shows that the lifestyle the city offers have contributed to a 5.4% increase in home sales pricing to $804,742 in March 2014 when compared with one year ago, when the average price was $763,319.
“Vancouver’s temperate climate, its social, cultural and economic links to mainland China and stunning scenery have driven a market that is considerable healthier compared with the same time last year,” the report said.
The market is now balanced between inventory and demand, and has been since the beginning of the year. Re/Max expects this trend to continue.
“Modest growth in sales is projected, with prices anticipated to rise by 2% this year,” said the report.
Inventory levels will drop, Re/Max predicts, even in spite of stricter lending criteria.
Younger buyers – mostly first-time buyers and those upgrading to larger spaces – are driving increased sales, and this is leading to new types of requirements for the homes they are looking for.
“Hardwood floors and tiles are common expectations, and there is now a whole generation of buyers who have to look up “linoleum” on the Internet,” said the report.
Re/Max also found that more women than men have made up the majority of first-time home buyers so far this year.
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