VIDEO: Vancouver Real Estate Market Update – July 2021
Our economy is steadily opening back up! As we discussed last month, with the supply pouring out, market has certainly peaked and is holding quite steady. However, demand seems to be leaning back towards the typical pre-covid trends, with a slight lull in the summertime as more people are out enjoying the sun rather than focusing on Real Estate. Below you will see comments from the Real Estate Board of Greater Vancouver, and my analysis of the market being on the ground daily.
From the Real Estate Board of Greater Vancouver:
VANCOUVER, BC – July 5, 2021 – While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.
Last month’s sales were 18.4 per cent above the 10-year June sales average.
“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”
“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”
Analysis – We have seen a slightly more saturated May and June, however prices are still holding. We are starting to see the trend heading back towards pre-covid conditions, with a typical lull in the Summertime when families tend to either travel or spend more time together outdoors rather than focusing on Real Estate. This happens as most of us are vaccinated and the economy opens back up. However, I think that “space” is and will continue to be a leading factor in buyers’ considerations for new homes after this past year and a half.
We are seeing the reduction of multiple offers and subject free offers in the marketplace. So definitely more of a balanced market than the last few months. If you have been waiting on the sidelines to buy, now is the time as we are predicting the fall market to come back (busy September to December).
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