If you own a condo it’s a sellers’ market, especially in a couple cities in Metro Vancouver.
Realtor Steve Saretsky says Richmond condos set a new record high with a 98 per cent sales-to-active ratio, which compares the number of sales to the total number of listings.
“Any time you have a sales to active ratio over 20 per cent, that generally puts upwards pressure on prices.”
“Richmond had 72 per cent back in March of 2006, then it had a peak last year in June at 65 per cent.”
As for North Surrey near the Whalley area, Saretsky says, “[The] sales to active ratio is currently at 99 per cent. If you look at it historically, it’s always been around the 10 per cent mark. Condos have generally been a tough sell in North Surrey, if you bought one about 10 years ago you were lucky to break even.”
Saretsky says it’s pushing prices up in the suburbs.
“There are lineups for 25-year-old buildings, people are making multiple offers a day, everyone’s basically rushing to put an offer in.”
He says the first time home buyer’s loan is one reason why sales are seeing an unusual high in both Richmond and Surrey.