September 2021 – Market Update
I trust you are well and have enjoyed a safe and happy summer despite the difficulties we are all facing due to the pandemic.
It seemed that while COVID-19 has dominated the news over the past many months, the real estate market has also had its’ share of airtime due to some record-breaking activity.
Here’s a short recap of what’s happened in Metro Vancouver over the past year.
Overall, prices have climbed by varying degrees in all communities, largely driven by the local population seeking more indoor and outdoor living space due to the change in lifestyle.
Detached homes saw the greatest increases in price in the areas east of Burnaby as well as Whistler, Sunshine Coast and Bowen Island. In general home prices in these areas increased between 22% – 34% depending on the community. Vancouver, Burnaby, North and West Vancouver saw prices increases in the 12% – 15% range over the last year.
In the Townhome market, the largest price increases occurred in Maple Ridge, Pitt Meadows, Port Coquitlam, Squamish, Sunshine Coast and Whistler. Here prices increased 22% – 29% while communities closer to Vancouver saw more moderate gains of 9% – 18%.
The change to lifestyles and the need or want for more space at an affordable price was the driving factor behind the high sales activity and price increases in outlying communities.
Overall, the condo market saw modest gains compared to townhomes and houses. Condos in the outlying communities increased between 10% – 17% while Vancouver, New Westminster, Burnaby, North Vancouver and Tsawwassen condos increased between 3% – 9%.
The sales activity and price climbs over the past year have been well above average. While there was a light easing of pressure on prices in August, I expect we will continue to see a strong market through Autumn.
If you have any thoughts about buying or selling your home, or the market in general, please contact me. I would be happy to hear from you.
Thank you for your continued support and referrals over the past year. I appreciate it very much.
Stay well, Liz