Home sales in the Greater Vancouver area are starting to return to more typical levels after dipping to four-decade lows in April, while prices continue to edge up from 2019.
Residential sales last month reached 2,443, a 64.5 per cent jump from May and a 17.6 per cent year-over-year increase. New home listings rose 21.8 per cent to 5,787 in June compared with a year earlier, a leap of 57.1 per cent from May.
That’s great if you are looking to sell, but for everybody else, it’s a making a bad affordability situation even worse as prices creep up again.
Prices had dropped thanks to provincial policies and then the pandemic, but nowhere near what most people would call “affordable.”
And it leads to situations like what’s happening in Burnaby right now. The real estate website Roomvu just sent out a list of the most expensive homes for sale in Burnaby right now.
Topping the list is the Burnaby house pictured above that’s selling for a staggering $3.49 million.
Now, when I think of houses that are the “most expensive” in Burnaby, I don’t think of an ugly brick compound with zero style.
Sure, it’s big, with nine bedrooms and six bathrooms, but to me it’s not attractive or stylish in the least. It’s just…huge and blocky.
Now I know you’ll think I’m being too harsh. If the people who own it and others who might buy it like it, then fine. Good for them. I’m not trying to embarrass anyone.
But it’s a commentary about just how insane our housing market has become when a house this mediocre tops the list of most expensive.
My point is that things are out of control and despite the province’s efforts, the prices are starting to go up again.
We’re in a crisis and even more action is needed from all levels of government to deal with it because people are getting squeeze in every single facet of housing, from sales to rentals.
- With files from the Canadian Press
Follow Chris Campbell on Twitter @shinebox44