Greater Vancouver Real Estate Update March 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 6.8%. What is really driving the real estate market are the ultra low interest rates. A five year mortgage is hovering around 1.39%. The bank of Canada just recently kept the overnight lending rate unchanged. The Bank of Canada hinted that they would most likely keep interest rates at this level until January 2023. You know what this means? More and more bidding wars on the horizon. See below the numbers reported in February 2021.
Condo Prices are Up
Condo home prices are up about 2.5 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: 0.4%
- Vancouver East Condos up: 0.6%
- New West Condos up: 3.1%
- Coquitlam Condos up: 4.4%
- Richmond Condos up: 6.5%
- Vancouver West Condos down: -0.2%
Detached House Prices are Up
Greater Vancouver detached houses are up approximately 13.7 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: 10.5%
- Vancouver East House up: 9.5%
- New West House up: 11.9%
- Coquitlam House up: 15.9%
- Richmond House up: 9.6%
- Vancouver West House up: 8.5%
Townhouse Prices are Up
Greater Vancouver townhomes are up approximately 7.2 percent compared to the same month last year. Here are the price increases from the following areas:
- Burnaby Townhouse up: 4.5%
- Vancouver East Townhouse down: 0.9%
- New West Townhouse up: 6.5%
- Coquitlam Townhouse up: 7.8%
- Richmond Townhouse up: 8.9%
- Vancouver West Townhouses down: 2.4%
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 43.5%. That means for every 100 homes listed for sale 43.5 homes sell. We are in a crazy sellers market right now.
Total Inventory - We are in a sellers market
8Greater Vancouver total inventory is down 12.7 percent compared to the same month last year. Here is a quick peek at the inventory levels by city.
- Burnaby : + 9.7%
- Vancouver East: + 2.5%
- New West: + 4.4%
- Coquitlam: – 19.7%
- Richmond: – 13%
- Vancouver West: 6.5%
