Vancouver is one of the most expensive and active markets in Canada. To compare our market to any other market in Canada is a mistake, in my opinion. There has been a 53.5 per cent increase in year-over-year sales last month. The Home Price Index benchmark climbed 7.2 per cent to $660,700. The benchmark price for a detached home is up 11.2 per cent to $1.05 million.
2015 is showing strong competition amongst buyers even early in our spring market. It seems ealier than ever we are seeing multiple offer situations and upward pressure on home prices. For sellers, this means that it's taking less time, on average, for your home to sell if you have it priced correctly.
In Victoria, sales were up 21.6 per cent, year on year, as the capital city attracts buyers who have been priced out of Vancouver. The benchmark price there increased just less than two per cent to $569,700.
To all the naysayers of real estate, get into the trenches and see how properties are flying off the market.