Vancouver Westside Home Prices Getting Higher
Strong demand for Vancouver Westside detached homes and the lack of supply pushed home prices higher in June. Since January of 2013, home prices for single family detached houses in Vancouver Westside climbed steadily.
Towards the end of December 2014, the rate of median price increase for Vancouver Westside detached homes accelerated from $2,028,000 in January 2013 to $2,987,500 last month (June 2015). The price gain over two and a half years was an impressive 47%.
No Signs Of Slowing Down
The depreciation of 4.5% in Canadian currency against the US$ (and Chinese Yuan) over a one month period from June to July, 2015 is expected to give Chinese buyers who are holding US funds more purchasing power. Although there were data on the extend of offshore money buying real estate in Vancouver, money originating from China was widely reported to be involved. View homes for sale in Vancouver Westside.
Supply And Demand For Vancouver West Homes
The total inventory for active detached home listings at the end of June for Vancouver Westside was reported to be at 615 homes. Computing against the sale of 225 detached homes in the month, the supply/demand ratio of 2.73 months is pointing to a strong and active demand from home buyers.
Until the market is getting to more balanced ratio of 6 months supply, pricing pressure will continue to bid up home prices in the coming months. Buyer activities for 2015 as can be seen from the red bar shown in the chart to the left confirmed the strong underlying strength.
The momentum for home sales in the remaining months of 2015 is expected to be maintain. Unless a sudden external adverse event happens, the housing market for Vancouver for 2015 is expected to be a good year for the real estate industry.
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