January 2021 Real Estate stats/comments

Sales 🔼 : 52.1% increase compared from January 2020, and a 22.8% decrease from December 2020. Last month’s sales were 36.4% above the 10-year January sales average.

Inventories 🔽: 3.6% decrease compared to January 2020 (8,617) and a 2.7% decrease compared to December 2020 (8,538).

Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5% increase over January 2020.

My comments about condo insurance:

Condo insurance premium has been skyrocketing the past couple years due to increase in number of claims, and in the cost of repairs etc. When shopping for your next dream home, it’s important to go through the building insurance summary. We always advise our clients to check with their insurance broker first so they have an idea of the unit insurance premium for the building they are interested in before removing subjects. Always make sure the unit is insured since day 1 and review the policy annually in case the building insurance has changes on coverage.

Sheron