The real estate market in BC is at an all time high, and some home buyers are facing a heated pricing war for listed homes. The Fraser Valley, which includes Langley, had a record 3,006 sales last month, breaking previous high sales records of 2,720 set in March, 1991.
The market is being driven by a growing population, low mortgage rates a limited housing supply and a buoyant economy. In April 2016, the Globe and Mail reported “Listings are selling so fast that there isn’t time for the inventory to build up. For high-end homes to be selling in weeks instead of months is a bit unusual. In a normal market, 30 to 90 days would be normal for typical homes. Now, many are selling within two weeks.”
The price wars over detached homes is increasing due to the demand for homes that are not strata or that don’t have shared living spaces, such as suites. And to compress the problem, the market share of single-dwelling homes is shrinking, resulting in fewer properties available to those seeking their own private home.
According to the Vancouver Courier, we can expect this cycle to continue, as sales and prices increase over the next two years, in fact, by 2018 the median home prices are forecast to be 3% higher than now.
Fortunately, a glimmer of hope shines from Hyde Canyon. Those seeking a private, detached home and quiet, country lifestyle can find paradise at Hyde Canyon, where you can choose from a range of house styles and finishing materials, allowing you to find a home as unique as you are. But don’t wait too long, because of this hot market, only 12 homes remain. Come by our presentation centre today to see this collection of beautifully finished estate homes—before they’re gone.