VIDEO: Vancouver Real Estate Market Update – August 2021
Calm before the storm! Market areas are balancing itself back to normal activity levels, which means that outside of downtown, we are back to a more balanced market where multiple offers are not as frequent as the previous few months, and downtown we are seeing an activity uptick.
From the Real Estate Board of Greater Vancouver:
VANCOUVER, BC – August 4, 2021 – Metro Vancouver’s* housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.
“Moderation was the name of the game in July,” said REBGV’s economist Keith Stewart. “Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types.”
Last month’s sales were 13.3 per cent above the 10-year July sales average.
“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. “Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”
Analysis – After a saturated (listings) May and June, supply has reduced for July. This is a typical summer lull as people are spending their time outdoors, enjoying the weather, kids home for vacation, etc. Another indication of what we predicted previously – that the market is dialing itself back to normal trends.
As we can see in the different sub markets in Vancouver, There have been a larger reduction on the number of Sold properties than Listed properties, EXCEPT downtown. Downtown Vancouver has taken a huge hit by COVID-19, and as it is now slowly and steadily opening back up, the demand is trying to balance itself back to normal levels. Great time to get in and buy downtown as an investment.
We are predicting the market levels to return back to original trends, therefore we see that September to beginning of December will be another hike in the market with activities. If you are looking to Sell, please do get in touch sooner rather than later and we can get ready to take advantage of that market.
Looking to sell or move? Please reply to this email and I’d be happy to chat with you! I truly would love the opportunity to work with YOU!
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