Unlike the largest Canadian real estate market in Toronto, we did not experience fewer sales and higher prices in February! The good news is that almost all of our local markets, from Burnaby to Maple Ridge, increased their inventories. This could encourage an increase in sales this month, along with a static interest rate.
Condos and townhomes reigned supreme for yet another month – with Port Moody and Port Coquitlam leading the way (by quite a distance) with sales rates of 64% and 54% sales ratio averages respectively. Sale prices were all over the map in terms of increasing, decreasing or staying pretty much the same – dependent on inventories supplying choices or not. Needless to say the lowest sales stats were in two detached markets – New Westminster (15% sales ratio average) and Port Coquitlam (17% sales ratio average).
All the excitement and buzz around the city of Anmore, complete with new City Hall etc., is reflected in two February sales shown in the Port Moody stats. What used to be a long haul and seemed pretty pricey is now becoming main stream!
All of this takes us into a Spring market – traditionally a strong market. The trajectory of inventories will encourage the jaded buyers to become active again and downsizers can use the season to do what is necessary to make a summer move. If you are unsure about the “necessary” part, that’s where we come in with a wealth of experience – and we’re happy to share it!
Neighbourhoods feature strongly in price decisions and are very different one to another. As local neighbourhood realtors for 4+ decades, we are very familiar with the price trends, of both the older, and newer, locations. Nothing makes us happier then listening to your goals and making them happen – that’s why we’re here.
We remain your trusted Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis , Ray Harris and Sheila Francis