VIDEO: Vancouver Real Estate Market Update – May 2021
Hope you and your loved ones are staying healthy. With vaccines more and more readily available, we are hoping that we will soon get back to “normal” again. In the Real Estate world, April has been one of the busiest months to date! Spring supply has poured out, as expected, raising the number of transactions dramatically. Below you will see comments from the Real Estate Board of Greater Vancouver, and my analysis of the market being on the ground daily.
From the Real Estate Board of Greater Vancouver:
VANCOUVER, BC – May 4, 2021 – Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.
Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month. “Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” Keith Stewart, REBGV’s economist said. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers.”
“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.
Analysis – With a shortage of supply in the first quarter of 2021, Market has accelerated in price growth rapidly. Multiple Offers and Subject Free offers were prevalent. Now that Spring season is among us, supply has flooded out, making April one of the busiest months in regards to number of transactions.
We are seeing the reduction of the number of offers with ridiculously high prices, and many buyers are now able to write offers with subjects to better protect themselves. By no means is the price coming down, as the demand still outweigh the supply at this point in time. If the supply continues at this pace, and the demand trails off, we may see a buyers market again. But with COVID restrictions still in place and travel isn’t quite possible yet, when that will happen is still a mystery. People are still confined in their own homes or bubbles, so the typical summer lull in the market may not happen this year.
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