VIDEO: Vancouver Real Estate Market Update – March 2021
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 – March 2, 2021 – Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.
Last month’s sales were 42.8 per cent above the 10-year February sales average. “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.
“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first time home buyers and move-up buyers entering the market,” Gerber said.
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.
The market is reaching a bit of an unpredictable territory right now. Vaccines are slowly rolling out. People are getting more comfortable. Prices are rising due to extremely low supply and low interest rates. What will happen in the Spring when more supply comes out? At this rate, prices should continue to pick up for a while, although the acceleration may slow down slightly.
What’s the difference between the market rise of 2021 and that of 2016-2018? Zero government intervention. Due to COVID restrictions, the government and media cannot say anymore that it’s due to foreign money. These are genuine local tax-paying voting public, like you and me, who simply need more space now that we are working more from home and doing more activities at home. The government isn’t going to start taxing their voting body, especially during a pandemic when jobs are lost, wages diminished, etc. We will see a free market in the next little while, so if you are looking to buy, it’s best to do it as soon as possible. Be thoroughly prepared. And if you are looking to sell for top dollar by taking advantage of the market? Call me.
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!
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