The Vancouver real estate market continues to exhibit craziness in home prices and sales. Many homes coming on the market are there for only a few days and there is a swarm of activity to buy them through processes such as multiple offer situations. Often the home seller gets more than the asking price. This ctv news article cited a rise in the average price of a detached home by over 27% from last year to over $1.3M which is way beyond the reach of most people.
The sad thing about these exorbitant prices increases is the recent spill-over effect that is now occurring in outlying market areas such as Port Moody. Tales of a 2 bedroom starter home that sold for about $500K a couple of years ago going on the market and selling in a multiple offer situation for nearly $800K means that even these types of homes are looking towards the stratosphere and making these suburban area increasingly unaffordable for average families. An average house price in areas like Port Moody, Richmond, White Rock and Burnaby has easily crossed the 1 million dollar mark. What can people do now?
Unless people are willing to pile both working family salaries into paying for a mortgage, they can look towards Vancouver Island, and in particular, up island towards the Comox Valley where luxury home prices are still affordable. While the average home prices of about $360K a year ago has risen to closer to $400K this year, 400 thousand dollars is a veritable bargain compared to well over a million for the same home in a suburban outlying area of Vancouver. An upscale home in the Comox Valley can still be purchased in the $500K range with hardwood floors, granite or quartz countertops, and other interior upgrades. And, the best part is that you do not have to put up with the stresses and traffic of the big city while still being able to enjoy the spectacular ocean and mountain views of the surrounding landscape.
If you are tired of the city treadmill and you are ready to consider a move to a more relaxed lifestyle in the contact Brett and set up an appointment with him to start your relocation process.