Summary from the August 2021 Real Estate statistics by the Real Estate Board
Sales 🔽 : 29.7% decrease compared from August 2020, and a 8.6% decrease from July 2021. Last month’s sales were 20.4% above the 10-year August sales average.
Inventories🔽 : 29.7% decrease compared to August 2020 (12803) and a 8.6% decrease compared to July 2021 (9850).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2% increase over August 2020 and 0.3% increase compared to July 2021.
My comments:
The market has been slow the past couple months and the lack of inventory has built up a strong momentum. I am seeing multiple offers in various areas in the Greater Vancouver area and at different price range. Downtown studio and 1 bedroom units have come up quite a bit all of a sudden. A good example:
On the other side of Fraser River, Surrey and N. Delta are both getting very competitive, the property was sold over asking by close to $200,000 in under 10 days. Buyers are looking for bigger land, older homes to renovate. Sold prices drastically went up within the past few weeks.
