Now that we have officially survived the dullest and greyest month of the year, it is time to look forward to Spring. While we still have a little ways to go until we get some of that fabulous sunshine, the Vancouver real estate market has started Spring early!
February was a very active month, with sales up dramatically over January in all markets. This is, of course, an expected trend, but the degree of activity increase is certainly worth noting. Another expected trend was an increase in active listings. While all areas experienced this increase, the degree of change is well below the growth in sales. Price changes vary greatly with neighbourhood and product type. The biggest changes in average pricing were the Downtown attached market (+13.8%), Vancouver East attached (+8.0%) and North Vancouver detached (+6.0%).
The highest absorption rates (ie. fastest moving product) in each market place was:
- North Van homes between $700,001 - $900,000
- Eastside homes between $600,001 - $700,000
- Westside homes between $1m -1.5m
- Westside condos between $300,001 - $400,000
- Eastside townhouses between $600,001 - $700,000
- Downtown condos between $300,001 - $400,000
- North Van condos between $400,001 - $500,000
So what does all that mean? Well, almost all of those categories would be classified as 'entry level' for each marketplace. To me, this suggests a pulling back of the foreign money that has been driving the market and a strong push from local buyers. This will be a very interesting trend to follow in the coming months.
What's next? Look for further, albeit smaller, increases in sales heading in to March, along with future growth in active inventory.
Unique Homes Blog
Check out this Japanese Modern House located in Hinomiya, Japan. Clean lines, lots of wood, big windows and overhangs, all squeezed on a small lot - seems fairly similar to Vancouver!! See more photos on my Unique Homes Blog >>
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