The Vancouver market outlook has changed considerably over the past year. In February 2021, 1,000 sales were reported in Vancouver, which is 19 percent higher than the 10-year average (there were only two Februarys that had higher numbers in the last 15 years…2011 and 2016). This was also a 55 percent increase over the previous month and a 64 percent increase over a year earlier.
Meanwhile, availability (listings) remains scarce. Last month, there were 2,744 listings on the market, which was 12% less than the 10-year average.
What’s the end result? Vancouver is in the midst of a seller’s market. Buyers are up against heavy competition. Sellers can set terms and take advantage of a hot market for the most desirable properties.
Which properties are the most coveted?
The most favourable segments for homes lean toward families friendly properties in the “affordable” price segments. The market is currently being driven by East Vancouver, especially for townhouses and 1/2 duplexes (but also condos and houses).
Condos that are large and livable are also in high demand. Houses in walkable, family-oriented neighbourhoods are also seeing major price rises.
How much longer will this continue?
This tends to be the start of an upward trend in the market, rather than the end so this trend could last for the foreseeable future. Instead of fighting it, take advantage of it.
The Vancouver market fluctuates week to week, let us help you stay on top of it all.