Week 39 – Market Update
The fall market appears to be in full swing.
We set records for 2020 on all fronts (New Listings, Total Active Listings as well as Sales). It’s a positive sign to see this level of activity indicating an immense amount of confidence in the Vancouver real estate market by both sellers as well as buyers.
Sales are outpacing new listings coming on to the market. The result is that we are (overall) getting pushed toward a seller’s market as indicated by our Months of Supply hitting a post-COVID 2020 low of 4.18.
More than ever, not all micro-markets in Vancouver are behaving in unison. The hottest market is the Detached (house) market on both the East and Westside. The same holds true for Townhouses/Duplexes on both sides of the city.
Condos are another story. While they are holding steady in East Vancouver and the Westside, the downtown market is the weakest of all the micro-markets…staying firmly in buyer’s market territory.
If you are looking for a bargain right now, cast your eyes downtown and pick up an investment property while everyone else thinks it’s a bad idea.