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Vancouver house prices hitting new highs because of short supply
In a frenzied Vancouver real estate market where eye-popping prices are now as predictable as cherry blossoms in March, the latest sales statistics contain some truly remarkable figures that show just how difficult it has become to buy even a modest condo in the city.
Last month's Multiple Listing Service (MLS) sales data, analyzed by research firm Snapstats, reveals by the end of the month sales of downtown Vancouver condos and townhomes just under $600,000 were dramatically outpacing new listings. The same was true for attached properties at the $700,000 mark on Vancouver's east side. In other words, the pool of available homes is draining faster than it's being replenished.