Sales 🔼 : 15% increase compared from December 2021, and and 4.4% decrease from January 2021. Last month’s sales were 25.3% above the 10-year December sales average.
Inventories🔼 : 8.2% increase compared to December 2021 (8306) and a 31.8% decrease compared to January 2021 (5236).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 2% increase over December 2021 and 18.5% increase compared to January 2021.
My comments:
Happy Year of the Tiger! The New year has kicked off with a strong force for price range $500k-700k. I have been pushing for downtown studios for the past 2 years and all of sudden downtown condo units below $600k just took off like that. My favourite part of downtown Coal Harbour as an example, what was sold for $500k last summer is now closed to 20% higher and everything happened within the past month. Reference below:
For detached properties: buyers start to fight for detached properties under $1.5M which in a way help pushing property prices even higher. One common strategy realtors (yes including us) like to use is to list the property slightly lower than market value and attract people to bid. One example would be the two properties sold on the same street in Canyon Springs in Coquitlam.
One was sold for $200,000 more after Christmas. Lack of inventory is one issue and the fear of being pricing out is another. One would ask is there anything that is undervalued still? Yes, I still think downtown condos under $600,000 with parking are worth buying and it is definitely not as crazy as the rest of Greater Vancouver.
Stay safe! Talk soon!
