{"id":14538,"date":"2016-06-17T09:58:05","date_gmt":"2016-06-17T16:58:05","guid":{"rendered":"https:\/\/www.garbuttdumas.ca\/?p=14538"},"modified":"2016-06-17T09:58:05","modified_gmt":"2016-06-17T16:58:05","slug":"real-estate-market-update-june-2016","status":"publish","type":"post","link":"https:\/\/www.garbuttdumas.ca\/2016\/06\/17\/real-estate-market-update-june-2016\/","title":{"rendered":"Real estate market update June 2016"},"content":{"rendered":"

The real estate market in British Columbia is still hot.
\nThe British Columbia Real Estate Association says the sales dollar value of residential real estate in the province has hit $41 billion this year; that\u2019s a 62 per cent increase over the first five months of 2015. The average price for a home listed on the MLS has gone up 19 per cent to $752,105.
\nIn Greater Vancouver, the average sale price for a residence in May was $1,055,495, a 16.5 per cent increase over a year ago. The ratio of sales to active listings during the month was 58.2 per cent; prices usually don\u2019t start feeling downward pressure until the ratio falls below 12 per cent.
\n

\"James<\/a>
With the real estate market so busy, I’ve got to take my breaks whenever and wherever I can!<\/figcaption><\/figure>
\n <\/p>\n

First hand experience with the hot real estate market<\/h3>\n

We\u2019re seeing the frenzy first hand.
\nAlready we\u2019ve surpassed our sales pace for last year. The average time it takes to sell a home after it’s listed is eight days! It\u2019s not uncommon for a property to sell above the asking price. Many homes are attracting multiple offers; just in the past week we saw 12 offers on one property and 13 on another!
\nSometimes it\u2019s hard to catch our breath, we\u2019re so busy.<\/p>\n

Lack of inventory in a hot real estate market<\/h3>\n

Part of the reason for this real estate frenzy is the lack of available inventory. There\u2019s 30 per cent fewer active residential listings than a year ago, said Cameron Muir, the BCREA\u2019s chief economist.
\n\u201cRecord housing demand and dwindling inventories are continuing to push home prices higher in most BC regions.\u201d
\nThat imbalance between demand and supply has sparked new home construction, which is near a record pace in the province, said Muir.
\n\u201cOnce the current crop of homes are ready for occupancy there will likely be more selection for\u00a0 home buyers and less upward pressure on home prices.\u201d
\nBut it\u2019s going to take some time for those new homes to be completed. In the meantime, we\u2019re going to take our breaks whenever and wherever we can!
\nClick here for the full statistical breakdown<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The real estate market in British Columbia is still hot. The British Columbia Real Estate Association says the sales dollar value of residential real estate in…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[273],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"General Announcements"}],"post_tag":[{"value":273,"label":"Featured"}]},"featured_image_src_large":false,"author_info":{"display_name":"James Garbutt","author_link":"https:\/\/www.garbuttdumas.ca\/author\/james\/"},"comment_info":0,"category_info":[{"term_id":1,"name":"General Announcements","slug":"general","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":146,"filter":"raw","cat_ID":1,"category_count":146,"category_description":"","cat_name":"General Announcements","category_nicename":"general","category_parent":0}],"tag_info":[{"term_id":273,"name":"Featured","slug":"featured","term_group":0,"term_taxonomy_id":273,"taxonomy":"post_tag","description":"","parent":0,"count":99,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14538"}],"collection":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/comments?post=14538"}],"version-history":[{"count":0,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/posts\/14538\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/media?parent=14538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/categories?post=14538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.garbuttdumas.ca\/wp-json\/wp\/v2\/tags?post=14538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}