Exponential Mindset Blog

February 2022 Real Estate stats/comments

Sales🔼 : 49.8% increase compared from January 2022, and and 8.1% decrease from February 2021. Last month’s sales were 26.9% above the 10-year December sales average.
Inventories🔼 : 19.1% increase compared to January 2022 (5663) and a 19.3% decrease compared to February 2021 (8358). 
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 4.6% increase over January 2022 and 20.7% increase compared to February 2021.

My comments:

Inventory is still the key. More listings were available in February. I noticed a “slightly” more stable market compared to the last several months. For detached houses, there were still multiple offers but not as crazy as January. (Still crazy but we are not competing with 20 offers kind of crazy) It’s the attached market that is taking off all of a sudden.

A good example: A ground floor,1 bedroom unit in Brentwood area facing the skytrain track (around 20 feet away) was sold close to $200,000 over asking. This is madness to me to be honest. https://bcres.paragonrels.com/publink/default.aspx?GUID=3197a8a6-7adb-4d58-bfab-568fe3927cd2&Report=Yes

Our job as realtors is not only to help you find your dream home, also to advise you it is time to walk away . In multiple offer situations, buyers tend to use fast brain to think. We, as experienced negotiators, are here to help you walk away when the numbers are going way too high that it is no longer a good deal.

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