The Vancouver real estate market is in full swing as we welcome the new decade. The market has seemingly returned to more historical levels as monthly statistics continue to report high sales numbers, as they have done so for the last 7 months. Sales have increased month over month as buyer confidence has returned, and there is tons of activity out there.
We have been in a strong sellers market for condos and townhomes, and a balanced market for detached homes, a trend that we believe will continue throughout the new year.
The entry level homes are still the hottest products out there at the moment. Our team saw a few multiple offer situations in the entry level condo/townhome segments last month, including a 1 bedroom condo in South Granville that sold for $70,000 over asking price and a 2 bedroom in East Van that had 25 offers!
Builders, especially in the East Van area, have slowed down on building detached homes with basement/laneways to focus on building duplex’s instead. These homes sell faster and are more profitable for developers. This leads me to believe that we will really feel a pinch on single family homes in the coming years.
The stats speak for themselves; Attached homes saw a 55% increase in sales from this time last year, while condos saw a 45.6% increase and detached homes were close behind with a 29.5% increase. Benchmark prices are still down by 2% overall from last year but they are all up between 1-2% in the last 6 months.
Questions about the market? Please reach out anytime.