The Greater Vancouver real estate market is the one of the hottest in history. Sales in February were almost 43 percent above the 10-year average. Residential home sales totaled 3,727 – a 73 percent increase from this time last year!
Homeowners are taking advantage of historically low interest rates as they purchase their piece of paradise on our beautiful West Coast. Sales and prices are up significantly in all areas of Metro Vancouver. Hot property markets include West Vancouver where all property types saw price increases of 16.1 percent from February 2020. Outlying areas such as the Sunshine Coast are also seeing significant price increases this year at 32.7 percent and Bowen Island at 34.4 percent.
Residential home prices continue to increase from last month in North Vancouver (2.4%), West Vancouver (2.7%) and Vancouver West (3.2%). The Multiple Listing Service (MLS) Home Price Index benchmark price for all residential properties is currently $1,084,00. This is a 6.8 percent increase over February 2020 and a 2.6 percent increase compared to January 2021.
And, with no signs of slowing down, now is an excellent time to have one of our expert real estate advisors do a complimentary market analysis (CMA) to determine your home’s current value. We are in a strong seller’s market. Sales and prices in all areas of Vancouver continue to increase every month. Historically low interest rates and high demand for residential homes combined with limited available homes for sale are driving Metro Vancouver’s current hot, pandemic-proof real estate market.
As Vancouver’s record-breaking real estate market continues to make headlines, I would like to take the opportunity to acknowledge Virani Real Estate Advisor’s 15th year anniversary this month. We are passionate about helping our clients that have become like family members over the years. Our real estate advisors always put your needs first and empower you to make informed decisions. We are proudly founded in Canada and want to thank you all for joining together with us to become firmly established internationally and a recognized market leader. We are here for you and here’s to another 15 years together!