It may not feel like Spring in Vancouver yet, but it comes upon us quickly. Before you know it, we’ll be in cherry blossom season, and with it, lots of new listings and buyers to match. Those considering selling might begin to consider market conditions now in anticipation of what is usually the busiest time in real estate.
Analyzing the data from February, we are still looking at a tale of two markets.
The detached home market remains slower than during much of 2017, as it has been for the past several months. Due in part to interest rate hikes and government interventions such as the foreign buyers tax, and the recent implementation of a mortgage stress test, those homes priced above $3 million are the hardest hit. Entry level homes, particular those in the most popular east and west side neighbourhoods including Kits, Cambie, Mount Pleasant and The Drive are still selling, sometimes with multiple offers.
The softening we’ve seen in the detached house market has not been evident in the sales of condos and townhomes. By contrast, these properties are selling briskly, often in multiple offers and at a higher price per square foot than last year. Within the strata market, it is the lower priced homes that are attracting the most activity. One bedroom condos are the fastest selling group, while the sales activity is a little less for two and three bedroom suites. That said, it remains a strong Sellers Market all the way to about the $2 million price point.
This is a very brief overview. If you would like to delve deeper by having a conversation with us about the value of your home, or you would simply like to receive the stats package to do your own research, please send us an email or give us a call.
We’re always happy to hear from you!