February headline from the Real Estate Board of Greater Vancouver reads:- ‘Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market’. Last month’s sales were 25.3% above the 10 year January sales average in spite of the fact that the Board also reported that the listing inventory on the multiple listing system was less than half of what they would consider “optimal” at the start of a new year. Net result – limited choices causing buyers to compete for a purchase resulting in price increases.
When delving into the stats for our specific market region we see a really interesting trend – rising inventory levels in every housing category in every area, except for the Port Moody detached market. Some levels rising more gently than others, but definitely sends a positive message to buyers. Perhaps more hesitant home owners will become sellers this Spring – historically our most active time of year.
The strongest section of our local markets remains the ‘attached’ – townhomes and condos. Townhomes have become the home of choice for both families priced out of the detached market and buyers looking for a more relaxed lifestyle. Pitt Meadows has the strongest attached market with many new builds and pre sales- for every 10 homes listed , 30 sold in January! Second spot went to Port Coquitlam where almost 17 attached homes sold for every 10 listed. The strongest detached market is also in Port Coquitlam where 9 in 10 homes are selling quickly at, on average, 6% above list price. We again see the powerful price attraction of moving east even though our market areas to the west enjoyed steady sales – just not in the same spectacular numbers.
For would be buyers – watch the INTEREST RATES and if you are serious, ensure that you have today’s interest rate locked in for you to use over the next 90 days. Rising interest rates will make a big difference, not only to your monthly payments, but also to your ability to be pre approved by a lender. If you want to be sure where you are at and how best to tackle the big step of making a safe, desirable purchase, please consult with us. We listen, answer your questions and formulate a plan tailor made for you. We live, work and play locally – all for a long time or a lifetime!
We give the last word to the Real Estate Board economist, Keith Stewart:-“With home prices reaching new highs in recent months, the need has never been greater for the government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.” We agree!
Enjoy the hope of Spring with warmer weather and longer days. Remember – we have you covered any time of year.Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.