VIDEO MARKET REPORTS BELOW
January and February numbers are in and believe it or not, we are still in a very strong Residential Real Estate Market.
In the Fraser Valley, records are being shattered. We are seeing the most action in Detached as well as the Townhouse Market. The Condo market is seeing an increase in sales as well, however the numbers aren’t as drastic.
This is backed up by FVREB President, Chris Shields who says this:
“This is new territory for us. We have never seen such consistent and persistent demand for housing in the Fraser Valley … What’s feeling the deamn is the combination of record-low interest rates and the response to the pandemic. It’s not something that could have been predicted and it has created a very complex market for buyers that requires the knowledge and expertise of a professional”.
MLS® HPI Benchmark Price Activity (FVREB)
Single Family Detached: At $1,163,400, the Benchmark price for an FVREB single‐family detached home increased 5.1 per cent compared to January 2021 and increased 19.9 per cent compared to February 2020.
Townhomes: At $600,300, the Benchmark price for an FVREB townhome increased 3.4 per cent compared to January 2021 and increased 10.1 per cent compared to February 2020.
Apartments: At $450,900, the Benchmark price for an FVREB apartment/condo increased 2.5 per cent compared to January 2021 and increased 5.3 per cent compared to February 2020.
Coletter Gerber, REBGV Chair says, “Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand … Competition amongst home buyers is causing multiple offer situations and upward pressure on prices”.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.
Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.
Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.
Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.
So to recap: The Market is VERY HOT and it seems to be getting hotter by the day. Comparable’s from December and January are ancient history, as February numbers have blown up. When I am doing comparable’s for my BUYERS I have to look at those recent numbers and then add some percentages. We seem to be entering similar territory as 2016/2017. So brace yourselves.
If you are thinking of BUYING or SELLING, I would love to help you navigate that and set you up for success. Don’t feel shy to give me a shout. 604-657-2660.
SNAP STATS BELOW
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