February 2021 Founder’s Message - VIRANI REAL ESTATE ADVISORS - Real Estate Information

February 2021 Founder’s Message

Metro Vancouver’s housing market is off to an active start as we welcome in the new year. Buyer demand remains strong with home sale activity outpacing the supply of existing inventory. Historically low interest rates and changing housing requirements during the pandemic are driving the market as we continue the pattern set at the end of last year.

In January 2021, the Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region totalled 2,389, a 52.1% increase from the same time last year. Also, last month’s sales were 36.4% above the 10-year January sales average. This elevated home sale activity combined with low levels of listings for sale is resulting in increased competition among home buyers and an upward trend on prices.

Sales of Metro Vancouver’s detached homes in January 2021 reached 740, an increase of 68.6% from the 439 sales recorded in January 2020, while the benchmark price of a detached home increased by 10.8%. Similarly, sales of apartments saw a 46.8% increase and attached home sales totalled 454, a 42.8% increase from January 2020.

The benchmark price of a single family detached home in West Vancouver is now $2,906,700, up 13.3% from last year, while North Vancouver is 12% higher at $1,722,300 and Greater Vancouver is $1,576,800, up 10.8%. The benchmark price for a townhome in West Vancouver is $1,142,100, only slightly lower this year at -0.4%. However, North Vancouver has increased 7.6% at $1,020,700 and Greater Vancouver is up 4.3% at $815,800. An apartment in West Vancouver is up 7.7% this year at $1,072,900; North Vancouver rose 5.9% at $591,400, while Greater Vancouver increased 2.2% at $680,000.

This past month, there were 4,480 detached, attached and apartment properties newly listed for sale in Metro Vancouver, representing a 15.7% rise from this time last year and an 86% increase compared to December 2020.

What does all this mean for you? Now is an excellent time to call our expert advisors and schedule a personalized, complimentary market analysis of your home. You may be surprised to discover what you can afford with today’s unprecedented low interest rates. A new year brings new beginnings. We invite you to allow us to help make your dream home a reality in 2021!

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