A Great Start to the New Year!
Metro Vancouver’s housing market is off to an active start as we welcome in the new year. There is a strong demand from people who want to buy and a limited number of people selling. Many buyers want more space because they are now working from home and have more purchasing power with the historically low interest rates. This is resulting in a hot market throughout Metro Vancouver.
In January 2021, the Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region increased by 52.1% from the same time last year. Last month’s sales were 36.4% above the 10-year January sales average. Increased sales combined with fewer listings is resulting in competition among home buyers and an upward trend on prices.
There is a strong demand for single family detached homes, resulting in the benchmark price rising by 10.8% and sales increasing 68.6% from January 2020. Similarly, both apartment and attached home sales are up almost 50% from this time last year.
The benchmark price of a single family detached home in West Vancouver is now $2,906,700, up 13.3% from last year. North Vancouver is 12% higher at $1,722,300 and Greater Vancouver is up 10.8% to $1,576,800.
The benchmark price for a townhome in West Vancouver is currently $1,142,100. North Vancouver has increased 7.6% to $1,020,700 and Greater Vancouver is up 4.3% at $815,800. Apartments have also seen increases of up to 7.7%. Real estate prices are expected to continue to rise in 2021 as buyers take advantage of the low interest rates.
What does all this mean for you? Now is an excellent time to call our expert advisors and schedule a personalized, complimentary market analysis. You may be surprised to discover what your home is worth and what you can afford to buy. A new year brings new beginnings. We invite you to allow us to help make your dream home a reality in 2021!