Real Estate Board of Greater Vancouver Chair, Taylor Biggar gave the perfect summary of our February real estate market when he said:- “Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains sufficiently undersupplied, which has been pushing home prices to new highs month after month”.
In all the market areas we serve, we can see a small upward trend in listing inventory, but nowhere nearly enough to satisfy the ongoing demand. Overall sales recorded last month were 26.9 per cent above the 10 year February sales average.
In looking at the attached SnapStats, we see a remarkable recovery in our western locations – Burnaby and New Westminster. In the detached sector, Burnaby homes sold quickly, on average at 9% above list price, with a sales rate of 6 in 10 homes selling. Attached Burnaby homes were even stronger with almost 8 in 10 homes selling. Townhomes and condos in New Westminster hit a sales rate of almost 100%, selling on average at 11% over list price. Their detached homes moved up to a selling rate of 6.3 in 10 homes selling.
While Coquitlam had a strong attached market, detached homes were still lagging behind. Port Moody’s detached market has picked up, but cannot catch up to their hot townhome and condo sales. Port Coquitlam east (including Pitt Meadows and Maple Ridge) continued to go gangbusters – no sign of slowing.
As interest rates rise and a fear of missing out takes hold, we anticipate yet another busy real estate market this month. Only a large increase in inventory can change this picture. As pressure mounts for our 3 levels of government to pull out all the stops and build new housing, there is hope for the future, but does not assist in creating a balanced market any time soon. Oh for that magic crystal ball!
In the meantime, if you are looking for the micro statistics like what is actually happening in your neighbourhood, we are your long trusted resource. This is the kind of market where more than ever, experience and boots running on the ground are important. Our plan for every client is tailored to their needs and timing. We keep you covered no matter the season and climate. Always happy to answer your questions. We are your….
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.