Once again, it’s demand that’s the story.
We saw 1,000 sales in February 2021 which is 19% above the 10-year average for the month (there were only two Februarys that had higher numbers in the last 15 years…2011 and 2016). That was also 55% higher sales than the previous month and 64% higher than a year ago.
In the meantime, supply (listings) remains low. The 2,744 listings on the market last month were 12% lower than the 10-year average.
The result? We are well within a seller’s market. Buyer’s are facing fierce competition. Seller’s are able to dictate terms and “cash-in” on a hot market for the most desirable properties.
And what are the most desirable?
The most competitive parts of the market are in the “affordable” price bands for homes geared toward families. East Vancouver is the current driver of our market…specifically for townhouses and 1/2 duplexes (but also condos and houses).
Large, livable condos are also seeing heightened demand. And houses in walkable, family-oriented neighborhoods are also seeing intense upward pressure on prices.
How long can this go on?
This feels to me like the beginning of an upward cycle in our market…not the end. In my experience, the trend is your friend. Don’t fight it, use it to your advantage.
If you are thinking of doing something in the market this year, let’s talk. As ever, I can help you strategize and plan the best approach for you and your family.