The Blog

I don’t know if the market can get any hotter. The pace of price increases is actually picking up! It is so hot that some economists are asking for the government to step in. We will dive deeper into the factors affecting the market later in this issue. But first, the stats. March had 5,708 sales. The highest ever recorded single month sales figure. This is 72.2% above the 10-year March average. It is hot everywhere in Metro Vancouver, but the areas achieving the greatest sales increases are further from the city centre. Delta – South saw a 195.8% increase from March 2020. Whistler saw a 194.7% increase while Squamish saw a 188.6% increase in sales.There was a 64.2% increase in new listing from last

The lower mainland real estate market has once again gone into crazy town. Multiple offers, bidding wars and no-subject offers are once again common place in real estate transactions. The stats this month reflects how hot the market is in Vancouver. Sales this February is 73.3% higher than last year and 56% higher than last month. This sales figure is 42.8% above the 10-year February average. A major contributing factor is that the supply is not keeping up with demand. Even though there are 26.1% more new listing this February than last, the total number of homes listed is 9.1% lower than last February. It seems like the millennials are out buying homes while older owners are not selling until the medical crisis is under

Last month you should have received your BC Assessment for your property. For most there should be an increase. Vancouver and Squamish, had the largest average increase in value. Their property value went up about 10%. And note this is based on value as of July 2020. And as the market continue to rise in January, the current market value will be higher. The home sales in January was 52.1% higher than January 2020 and 36.4% above the 10-year average. Another strong month. The interest continued from December, but it seems like the inventory has not kept pace with demand. This is what insiders are attributing to the rise in prices. There is a surge of new listings but the total inventory is 3.6% less

Happy New Year everyone! I hope each of you are safe and sound and ready to take on 2021. Looking back at 2020, it is totally bizarre that it would take a pandemic to boost the real estate market. After two years of declining values, BC Assessment records show increases of 0% to 10% for properties in BC. And note BC Assessment is a snapshot of value based on July 1 of last year, so the current value is probably a bit higher now. As a whole the year’s real estate numbers are middle of the road. The total sales number was 2.8% below the 10-year average and the total listings were 2.7% below the 10-year average. Considering two years of declining values and weaker

Government stimulus and the changing work requirements are continuing to shape the real estate market. The low interest rates assisted by government bond buying and government assistance programs have kept the real estate market active. The November sales were 24.6% above the 10-year November sales average. The second highest November sales on record. With more jobs allowing for work from home, condos in the city have fallen out of favor. This is allowing people to move further from the city to find value. Increased workspace and a yard have become more important. These factors explain the why townhouses are in high demand and why apartment prices dropped over the last month. This also shines a light on why the Sunshine Coast had an 82.8% increase