Vancouver home prices soar more than 20% though sales off record highs — via financialpost
John, however, suggested a lack of supply in the Vancouver region will continue to drive prices higher across all housing categories.
“The number of homes listed for sale on our system today is less than half of what’s needed to shift the market into balanced territory,” John said in a statement. Fewer homes also came to market compared to last year as new listings for detached, attached and apartment properties fell more than 19 per cent to 6,673. On a month-over-month basis, listings were up 22 per cent, a sign the spring real estate season may be starting to ramp up.
British Columbia is exploring new ways to rein in the province’s overheated housing market. Last week, the B.C. government announced that it would be imposing a “cooling off period” for home buyers to help provide stronger protections for buyers and to address high home prices. Details on how long the period could last and what financial penalties homebuyers can expect if they back out of an offer will be released later this year.
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