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Sales 🔼 : 73.3% increase compared from February 2020, and a 56% increase from January 2021. Last month’s sales were 42.8% above the 10-year February sales average.
Inventories 🔽: 9.1% decrease compared to February 2020 (9195) and a 0.6% increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8% increase over February 2020.
Quick facts: Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4% increase), the Sunshine Coast (32.7% increase), West Vancouver (16.1% increase) Maple Ridge (14.8% increase) and Ladner (13.7% increase).
My comments: As we all know the housing market has been crazy the last 6 months. An exercise I like to evaluate properties for clients is to compare what one can afford in different areas with the same budget. For example, what can you buy with $500,000? In today’s market, it would be a newer (under 5 years) 2 bedroom apartment unit in Surrey Whalley, or a studio unit in downtown Vancouver (under 20 years). If it’s an investment property, we have to consider both the rental cashflow and future potential. By comparing properties of similar prices in different areas gives a different perspective whether the purchase is a principal residence or an investment property.
Stay safe!
Sheron