Vancouver real-estate apps are surging in popularity, with the number of sales on the platform doubling over the past six months, according to data from App Annie.
App Annie, the company that collects data from real-life apps and collects and analyzes data on sales, said the growth has been driven in large part by the arrival of luxury condos in the Vancouver market.
Appie found that in February 2017, there were 1.2 million listings on the Vancouver-based real estate platform.
App developers are working to increase their market share, but they also have to make room for the growing number of buyers.
“A lot of the buyers are wanting more than once,” said Matt O’Connor, an app developer and owner of the App Annie real-time-tracking platform.
“They want the opportunity to live in a great place, to be close to family and friends, to have access to great amenities, to enjoy the parks, the parks are a great resource.”
Vancouver realtors are often seen as the gatekeepers of the real estate market in the city, with some predicting that the influx of condos will make it even more difficult for them to find buyers.
However, the city is slowly starting to open up to the new wave of buyers, with condo construction beginning to accelerate, said Chris O’Neil, president and CEO of the Vancouver Real Estate Board.
“We are seeing a lot of condo building right now,” O’Neill said.
The city of Vancouver is trying to make housing more affordable, including through the introduction of a new tax on new condominiums.
But O’Nielson said condo development is also a major driver of demand.
“The condo industry is a major catalyst of growth for the city,” he said.
“There are some very, very attractive condos that are being built right now.
And I think people are looking at that as the key to the city’s future.”
With files from The Associated Press and the Vancouver Province