Week 5 – Market Update
Rising demand drove the Vancouver real estate market in the last week.
Sales more than doubled across the city since the beginning of the year. Going from 105 in Week 1 to 219 last week.
It’s normal for demand to ramp up at this time of year, but not this quickly. This level of demand is more typical of early-March than late-January.
Meanwhile, supply (the number of listings) is increasing but only slowly. The number of active listings has increased by less than 10% since the beginning of the year (from 2,517 to 2,734).
The result? We’ve entered a seller’s market with 3.82 month-of-inventory. The hottest seller’s markets in the last week were East Van houses (the previous week’s softness was indeed temporary) and condos as well as Westside condos (with an honorable mention to an increasingly active Downtown condo market).
Slower pockets across the city would include Downtown townhouses (where there have been no sales in the last...