Week 15 – Market Update
Stability returned to the Vancouver real estate market in the last week.
As you’ll remember, we saw a very quick reversal in the previous week after hitting a record high number of sales. That reversal was very short-lived as we rebounded from 270 sales up to 329 (the 2nd highest number of sales in a week in the last two years).
At the same time new listings also shot up to a record 550. That pushed overall active listings up to 3,196…the highest number so far this year (which is fairly typical as we approach the typical spring listing season).
We moved deeper into an overall seller’s market with 2.43 months-of-inventory in Vancouver. As I suggested, it’s clear now that the weakness last week was related to the Easter long-weekend.
The hottest micro-markets continue to be in East Vancouver (condos, townhouses and houses) but it was Vancouver West condos and townhouses that saw the biggest improvements from the previous week.
Westside houses remain the weakest of all Vancouver micro-markets. That market remains in balanced territory with 4.45 months-of-inventory.
The market continues to be driven by low interest rates, a strong local economy, and a desire for more square footage and more outdoor space. It’s being driven almost exclusively by local demand.