With spring fast approaching, it seems gardens are not the only areas experiencing early heightened activity. The Greater Vancouver real estate market is in full bloom earlier than usual. While December – February months are typically somewhat quiet, like our gardens, that wasn’t the case recently. Activity was well above average over the winter months.
With multiple news stories reporting on our real estate market you may be aware that since this time last year Greater Vancouver prices have climbed 34% on average for detached homes, 16% for townhomes, and 19% on average for condos.
The increase in detached home and townhome prices is likely not a surprise to many who’ve been following these trends. The surprise in the market is the increase in condo values – at almost 20% on average – since this time last year. This is a particularly interesting development since the condo market, as many owners and investors are aware, has been stable for the past 5 years with only marginal increases in some communities or neighborhoods. Because averages are skewed by extreme highs and lows I’d like to highlight the communities which are experiencing the greatest and smallest increases.
|Greater than average growth in:||Less than average growth in:|
|Vancouver Westside||24%||Pitt Meadows||5%|
|Maple Ridge||23%||North Vancouver||10%|
We can see the fundamentals of economics (principles of supply and demand) driving today’s market in general. However, from experience I would also suggest that the volatility in the stock market is a contributing factor which steers home owners and investors towards real estate investment. Based on the activity I am currently seeing in terms of multiple offers and resulting sale prices I believe we’ll see a minimum 10% rise in condo prices in the more popular communities by the end of this year.
Please contact me if you have any questions about the current real estate market, your home or investment property. I appreciate your continued loyalty and referrals.
Thank you for your continued referrals to family and friends who are considering buyer or selling their home. I appreciate your business.