The real estate market in Vancouver has rocketed, with prices increasing by more than 10 per cent over the past year.
The realtor who specializes in buying and selling property, Craig Murray, says the recent surge has put a dent in demand.
“People are buying more and more condos and apartments and even bigger houses,” Murray said.
But Murray’s clients have to pay a premium.
He says they can’t afford to move, so they’re willing to wait for prices to rise again before bidding.
There is a growing sense that Vancouver’s real estate boom is over, he says.
As of March 31, Vancouver’s average house price was $1.25 million.
This chart shows average house prices in the Vancouver region for all properties listed from February 1, 2016, to March 31.
Prices for single-family homes are shown as green bars, condos as red, and apartment buildings as orange.
The data comes from Realtor Canada.
For the past four years, Vancouver has been in a recession, with the population shrinking by more people than the population of the entire province of British Columbia.
The city also has a housing shortage.
In an interview with CBC News, Murray said he had noticed that people in Vancouver were getting priced out of the market.
Real estate agents are not getting paid for their services.
Murray said it’s difficult to get a job in Vancouver if you don’t have a real estate licence.
It’s very difficult to find a good job in the city of Vancouver because there are a lot of people that don’t want to take that risk.
If you can’t find a job, you have no choice but to move away from the city and your life.
That’s really bad news for Vancouver, said Murray.
I don’t think people are willing to pay the price that they’re paying.
I think it’s just going to continue to rise, and it’s going to go higher and higher, and I think Vancouver’s going down in a lot more places.