“Unprecedented” became my least favourite and over used word early in the pandemic and…here we are again with “unprecedented” as the word of the hour in reference to real estate sales! Yes – our market saw unprecedented activity and prices ramping up over the past 6 months, resulting in sales records over the past 2 months – reflecting a lower than low inventory and demand driven by rock bottom mortgage rates, demand for more space ( the working from home syndrome), and with nothing else to spend $ on – household savings were at an all time high. The Real Estate Board of Greater Vancouver recorded that there was a 73.3 % increase in residential home sales over February 2020. Colette Gerber, REBGV, summed it up:- “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices”.
As we real estate long haulers know – all good and bad markets come to an end at some point. Boots currently active on the ground are observing the slow start of buyer resistance on detached homes, while there is a bounce back for condos and a rush on townhomes.
Big winners in our market place last month were Port Moody condos and townhomes – selling more homes than were listed, specially brand new or presale in Port Moody Centre. Coquitlam attached homes sold at a considerably improved rate of almost 8 in 10 homes selling. Most local markets have sales at an approximate rate of 5 in 10.
One of the more interesting facets of the current real estate market has been the desire of local residents to seek out less traveled paths. Consequently less populated communities within our region continue to experience the largest year over year price increases across all property types. Examples from MLS include Bowen Island (34.4% increase) and the Sunshine Coast (32.7% increase).
So as Spring comes into full bloom and the hope of vaccines gives us a new spring in our step (pardon the pun!) real estate remains unpredictable with a life of its own. The one thing we know is that it is always safer to buy and sell in the same market. As last year taught us, even the most educated predictions can be wrong and backfire on those who believed them.
So…enjoy the fine weather with the promise it brings and if a move of any kind is even vaguely on your horizon, please let us help you with those fine details which can make buying and selling an exhilarating, successful experience or a nightmare. Let us help you to have the former rather than the latter.
We remain the Generations Real Estate Partners, continuing in a long tradition of trust and caring.
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.