British Columbia Sun

Inadequate supply bidding conflicts drive housing costs skyward across Lower Mainland

BC

Key takeaways: 

  • The average cost of a detached house in previously more reasonable Fraser Valley has been up 42 percent since the previous year.
  • Realtors tell a record-low accommodation supply related to interest rates has driven costs so high even existing homeowners worry they could become priced out of the market if they try to deal and purchase a new property — even in regions once believed to be more inexpensive.

Housing costs in the province rises high: 

Fahmeena Azim states she’s one of the fortunate ones — she purchased a house in Surrey 30 years ago after squeezing together a downpayment. 

When she set her residence on the market in the fall, with goals to move to the up-and-coming Silver Valley location in Maple Ridge, she expected it would deal fast — but not within very 24 hours. 

“I felt I had time, almost a month to begin looking with the Realtor to see a new place, but everything occurred so fast,” she stated. Source – cbc.ca

Also read: Vancouver video game firm crowns the charts with ‘The Office’

Housing costs in BC driven by low supply

Azim then started her hurried search for a new house, viewing 15 residences and offering 10 of them. They all dealt for $65,000 to $100,000 over the initial asking cost.

“If you liked to go to an open house, there was a lineup … Individuals were in a fright because the costs were all going up,” she told. Housing costs in Greater Vancouver have long been out of reach for numerous coming customers, with sky-high bidding fights the par.  Source – cbc.ca

But Realtors state a record-low accommodation supply connected with interest rates has driven costs so high that even existing homeowners stress they could become priced out of the market if they attempt to deal and purchase a new property — even in places formerly believed to be more reasonable. 

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