Vancouver real estate's notoriously pricey market had recently set yet another record. More than 5,000 properties in the area were sold in March.
The Vancouver real estate sales represented an increase of 27 percent over the same period last year, and a jump of 24 percent over February. Vancouver real estate's record setting figures were also 56 percent above a decade long median amount for March. REBGV president Dan Morrison stated that March was the most profitable month ever recorded. He also revealed that sales were greatly influenced by sound job and economic growths in the area, positive net migration and lowered interest rates.
March also set Metro Vancouver's benchmark value, which represented the price of a typical property. The market value climbed to $815,000 which was up to 23 percent from the same period last year, according to a feature from Huffington Post. Sales of other properties climbed over 25 percent year-over-year to surpass last month's 2,100 figure. Sales climbed even higher among apartments, which reached 2,252 which was up 38 percent year over year.
The Metro Vancouver area is made up of the cities of Vancouver, Richmond, New Westminster, Burnaby, and more. The results represented the opposite of the figure expected by federal Liberals when they tightened mortgage laws by mandating that mortgage holders insurance required minimum down payments of 10 percent for any portion of a house's value above $500,000, according to a feature from CTV News. However, the rules did not apply to buyers who secured a mortgage on or before Feb. 15, and individuals who took until July 1 to purchase a home.
Vancouver real estate is continuously changing its progress timeline. Its change created furious buying activity as buyers jumped into the market before the regulation was implemented. The regulation covered property sales from Vancouver east to Maple Ridge and from South Delta north to Whistle.
