Vancouver, Canada property market has made another record-breaking month in terms of house sales last February. According to VancityBuzz, data from the Real Estate Board of Greater Vancouver (REBGV) has revealed a 36.3 percent increase in February compared to the same month in 2015 from 3,061 sales to 4,172 units. Sales in the region rose 65.6 percent from January 2016's figures.
"We're in a competitive, fast-moving market cycle that favors home sellers," said Darcy McLeod, REBGV president. "Sustained home buyer competition is keeping upward pressure on home prices across the region."
Average home price in Metro Vancouver increased 22.2 percent at $795,500 from last year's residential property prices during the same period. REBGV figures showed that detached properties saw the biggest jump at 27 percent year-on-year to a little over $1.3 million. Prices of apartments rose 17.7 percent to $454,600 while attached units climbed 17 percent to an average of $569,600.
In a related news, some millionaire homeowners are taking advantage of the hot market and cashing in on their properties in the metro. Realtors are noting a trend in homeowners selling their million-dollar properties in the city and moving to the countryside to acquire hobby farms and acreages.
While the house prices increases come as good news for investors looking to gain profits, they send some concerns over home affordability in the area. RBC recently warned that the Vancouver's property market is poised to overheat to a point that it becomes "dangerously unaffordable" for prospective homeowners.
Elsewhere in Canada, Toronto also saw a record-breaking pace in home sales, The Globe and Mail reported. The area saw over 21 percent increase in February sales compared to the same period last year and about 15 percent increase in average home price to $685,278. The strong sales have been observed against constrained supply of listings. With this, analysts say that house prices will continue to influence the upward trend.
