VIDEO: Vancouver Real Estate Market Update – April 2021
Bonus VIDEO: New Stress Test and Will It Impact The Real Estate Market?
Vancouver Real Estate Market is at a level never seen before! Market is so hot right now, that if you are looking to Sell, don’t wait!! Yes, price may be driven higher in a few months time, but more supply will also be coming out. In a market like this, it may be wise to buy a new home first, then sell your current home.
From the Real Estate Board of Greater Vancouver:
VANCOUVER, BC – April 2, 2021 – Home buyer and seller activity reached unprecedented levels across Metro Vancouver* in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.
Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.
“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices.
We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.” Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 percent increase in sales.
Analysis – Over the last few months, the market has accelerated tremendously. For those that have been down about purchasing during the last run in 2016-2018, and he downturn in 2019, we have been advising you to hold off on selling and “cutting your losses”. Until now. If you held off that long, you will be rewarded for your patience. We are seeing anywhere from 5-15 offers on every home we have sold recently, driving to area record prices.
However, being in the front lines with ears on the ground on a daily basis, we are sensing a “peak” evolving. Multiple offers are still happening, but not to the extent that we have seen over the last few months. This may be due to the abundance of supply hitting the market as Spring arrived. We have seen some listings, although priced correctly, not have much action due to either competition or location. Despite this, we have been very successful in beating out all competition and netting our clients record numbers in their sales. As we always say, “Selling in this market is not hard, but getting top dollar requires an experienced and diligent Realtor.” This is even more true today.
As the Federal government rolled out its new “stress test” for uninsured mortgages, this is simply just a political act. It’s not going to affect those that are moving up or down in this market, who already built equity in their properties. What it does, is making it harder for first time homebuyers who are short in their 20% down payment.
If you have any questions at all regarding the new Mortgage Stress Test, or anything Real Estate related, I’d be happy to hear from you!
Looking to sell or move in the near future? Please reply to this email and I’d be happy to discuss it with you! I truly would love the opportunity to work with YOU!
Please click below links for your complimentary updated Vancouver Real Estate statistics package.