Greater Vancouver Real Estate Update February 2021
Greater Vancouver home prices are up in every area and home type. On average not looking at property type you can see a total increase of 5.5%. What is really driving the real estate market are the ultra low interest rates. A five year mortgage is hovering around 1.39%. You can negotiate with your lender and can probably get just under 1.39%. Feel free to ask me how.
Condo Prices are Up
Condo home prices are up about 2.2 percent in the region compared to the same month last year. But this is not the same story within each sub area.
- Burnaby Condos up: 3.5%
- Vancouver East Condos up: 1.8%
- New West Condos up: 3.3%
- Coquitlam Condos up: 2.2%
- Richmond Condos up: 4.5%
- Vancouver West Condos down: 1.7%
Detached House Prices are Up
Greater Vancouver detached houses are up approximately 10.8 percent compared to the same month last year. I would say that the demand for detached homes is much greater than the demand for condos. Now especially with this pandemic going on. Most people are working from home and the kids are all playing at home. The common thing I hear from families is,” Alex I need more space.” Here are the price increases from the following areas:
- Burnaby House up: 8.5%
- Vancouver East House up: 8.6%
- New West House up: 4.5%
- Coquitlam House up: 7.9%
- Richmond House up: 6.4%
- Vancouver West House up: 0.3%
Townhouse Prices are Up
Greater Vancouver townhomes are up approximately 4.3 percent compared to the same month last year. Here are the price increases from the following areas:
- Burnaby Townhouse up: 5.1%
- Vancouver East Townhouse down: 2.1%
- New West Townhouse up: 3.6%
- Coquitlam Townhouse up: 6.9%
- Richmond Townhouse up: 6.8%
- Vancouver West Townhouses down: 0.4%
Sales to Active Ratio – We are in a sellers market
Across Greater Vancouver the current active to sales ratio across all property types is approximately at 28%. That means for every 100 homes listed for sale 28 homes sell. We are defiantly in a sellers market.
Total Inventory – We are in a sellers market
8Greater Vancouver total inventory is down 8.1 percent compared to the same month last year. Here is a quick peek at the inventory levels by city.
- Burnaby up : 13.4%
- Vancouver East: 11.3%
- New West up: 12.1%
- Coquitlam down: 10.8%
- Richmond down: 6.1%
- Vancouver West up: 9.4%
As you can see from these numbers Richmond and Coquitlam has the biggest shortage of inventory. If you want more reports like these, please feel free to sign up to my website. With my website you can save property searches, receive market updates, get sold prices, and much much more.