Our market continues to strengthen.
After nearly a year of weakening, we now have a second month of strength. And the momentum is building.
By no means are we back to unsustainable levels of market activity. In fact, by most measures activity is still below the 10-year average. BUT, the trend is that the differences are shrinking.
The market is no longer frozen by fear (as it was toward the end of last year) and optimism continues to build.
Sales jumped to 741. That's up +43.6% month-to-month but down nearly -43% from a year ago. This was down -27.5% from the 10-year average (1,022).
New listings increased to 1386 which was up +27.2% from last month and down -34.6% from a year ago. It was also down -17.5% from the 10-year (1679).
Active listings rose to 2824. This was just -1.2% off last month and down -10.1% from a year ago...but down -6.8% from the 10-year (3031).
So, demand is growing (sales) and supply (listings) continue to remain subdued. As a result, we are seeing a return to price increases in Vancouver.
In fact, this was the first time in a year EVERY housing type saw month-to-month price increases. Many of these increases were significant (eg +3.7% for westside houses)...and for the first time in a very long time we are seeing the most significant increases for higher price bands...such as houses and townhouses.
I expect that we will continue to see the market get busier in the next couple of months. We should see more listings as we enter into the traditional spring listing season...but not enough to satisfy the ravenous demand of motivated buyers.
More and more it appears that the worst is behind us. There is still an opportunity to step into the market and put capital to work before everyone else realizes that the beginning of the next upward cycle has begun.
If you are looking to make a move, don't hesitate to reach out to me. I'm always happy to offer my insights that and advise on your specific situation.
After nearly a year of weakening, we now have a second month of strength. And the momentum is building.
By no means are we back to unsustainable levels of market activity. In fact, by most measures activity is still below the 10-year average. BUT, the trend is that the differences are shrinking.
The market is no longer frozen by fear (as it was toward the end of last year) and optimism continues to build.
Sales jumped to 741. That's up +43.6% month-to-month but down nearly -43% from a year ago. This was down -27.5% from the 10-year average (1,022).
New listings increased to 1386 which was up +27.2% from last month and down -34.6% from a year ago. It was also down -17.5% from the 10-year (1679).
Active listings rose to 2824. This was just -1.2% off last month and down -10.1% from a year ago...but down -6.8% from the 10-year (3031).
So, demand is growing (sales) and supply (listings) continue to remain subdued. As a result, we are seeing a return to price increases in Vancouver.
In fact, this was the first time in a year EVERY housing type saw month-to-month price increases. Many of these increases were significant (eg +3.7% for westside houses)...and for the first time in a very long time we are seeing the most significant increases for higher price bands...such as houses and townhouses.
I expect that we will continue to see the market get busier in the next couple of months. We should see more listings as we enter into the traditional spring listing season...but not enough to satisfy the ravenous demand of motivated buyers.
More and more it appears that the worst is behind us. There is still an opportunity to step into the market and put capital to work before everyone else realizes that the beginning of the next upward cycle has begun.
If you are looking to make a move, don't hesitate to reach out to me. I'm always happy to offer my insights that and advise on your specific situation.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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