Another day, another set of number crunching of Vancouver’s ridiculous home prices – and surprise, surprise, a home here will cost you much, much more than it would have last year.
According to May statistics released by The Canadian Real Estate Association (CREA), seasonally adjusted year-over-year home sale prices in Greater Vancouver were up 29.7%.
In May 2015, the benchmark price of a typical home in the region was $685,500; in May this year, it had risen to $889,100.
The skyrocketing prices are perhaps being driven by a lack of supply, with the number of homes listed for sale down 37.3%.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, say the Real Estate Board of Greater Vancouver.
That’s a huge drop compared to 12,336 in May 2015.
So even if you have scraped together the money, you’d better brace yourself for some bidding wars.