My comments:
Is the market RED HOT again? The media often exaggerates the real estate market by emphasizing extreme examples, focusing on sensational headlines, and oversimplifying complex market dynamics. I mentioned in the previous post that we noticed there were more multiple offer situations, listings got sold faster. The sales has increased 76.9% but inventories has not changed much compared to January 2023. However there are still good deals out there compared to a year ago. For clients looking to upsize from strata properties (condo/townhouses) to duplexes/detached houses, I recommend do it soon as the price can rise soon due to a lack of inventory. The price gap will soon be widened when detached houses take off. The price increase for the attached property won’t be able to catch up with that of detached houses. I would like to share some sold listings of 2 1-bedroom condos in Brentwood and 2 detached properties in Mount Pleasant, Vancouver East that sold a year apart in the same neighbourhood with similar lot size & age:
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1 bedroom condo in Brentwood sold in Feb 2022
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1 bedroom condo in Brentwood sold in Feb 2023
