Vancouver price rises expected to continue

Prices rises are expected to continue this year in Vancouver, according to one agent.

Luxury house prices rose by an average of 11.8 per cent annually in March 2015, but Knight Frank partner Dexter Associates Realty forecasts moderate price increases for the rest of 2015.

Kevin Skipworth, Owner and Broker, says: "Buyer fatigue is a significant part of the market at present, with buyers facing multiple bids a number of times on properties until some find success. Pricing becomes the focus and overpaying can come from these kind of conditions. With demand continuing to be strong and supply dropping, this pattern will continue."

The agent adds that Vancouver is experiencing "one of the strongest starts in the real estate market year to date", with Q1 seeing the highest volume of sales since 2006.

Total sales for Greater Vancouver in April were up 38 per cent year-on-year.