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VANCOUVER — A new report suggests a housing recovery is underway in key Canadian markets, with Metro Vancouver and Toronto leading the way.
"Growing consumer confidence levels have prompted a serious upswing in home-buying activity in the Greater Vancouver Area, with sales in June (4,259, up 75.6 per cent from the same time last year) the second highest on record for the local real estate board," according to the Re/Max Market Recovery Report released on Monday.
"From White Rock to Vancouver, radiating out to the Fraser Valley, bidding wars are breaking out on well-priced product. In Kitsilano, an estimated 50 per cent of housing is selling in multiple offers."
Derek Thorvaldson, Re/Max assistant regional director, said in an interview the real estate organization started seeing a noticeable rise in buyer confidence in March.
"It was led by first-time buyers," he said. "Prices were down, interest rates were down. That really stabilized home prices. Since then, buyers have realized that prices were firming and interest rates went up.
"They [buyers] started moving in waves."
However, Thorvaldson added that prices are still down from the same time last year, and that "we`re still cautious [because] the recovery is slow."
Read the full article here.
"Growing consumer confidence levels have prompted a serious upswing in home-buying activity in the Greater Vancouver Area, with sales in June (4,259, up 75.6 per cent from the same time last year) the second highest on record for the local real estate board," according to the Re/Max Market Recovery Report released on Monday.
"From White Rock to Vancouver, radiating out to the Fraser Valley, bidding wars are breaking out on well-priced product. In Kitsilano, an estimated 50 per cent of housing is selling in multiple offers."
Derek Thorvaldson, Re/Max assistant regional director, said in an interview the real estate organization started seeing a noticeable rise in buyer confidence in March.
"It was led by first-time buyers," he said. "Prices were down, interest rates were down. That really stabilized home prices. Since then, buyers have realized that prices were firming and interest rates went up.
"They [buyers] started moving in waves."
However, Thorvaldson added that prices are still down from the same time last year, and that "we`re still cautious [because] the recovery is slow."
Read the full article here.