Sales 🔼 : 126.1% increase compared from March 2020, and a 56% increase from January 2021. Last month’s sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.
Inventories 🔽: 4.8% decrease compared to March 2020 (9606) and a 9.4% increase compared to February 2021 (8358). This is 18.6 per cent below the March 10-year average for new listings.
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,123,300. This represents a 9.4% increase over March 2020.
My comments: I previously wrote about studio units in Downtown Vancouver as a very good investment option. These units are at a relatively low price point and offer very attractive rental returns. A studio unit (under 500sf) is going for $500,000 with potential rent around $1700-$2000. Based on both the sold data and our observation , the price is going up quite rapidly, units were sold much faster than last year. The overall downtown apartment market is heating up like the rest of the Greater Vancouver area but still offers better return and potential than most of the other areas.
An example of what an ideal studio unit with 1 parking spot: https://bcres.paragonrels.com/publink/default.aspx?GUID=33a6ebbf-3448-4388-b8a2-914948a01f68&Report=Yes
As far as detached properties, I recommend buyers to hold off for a bit as interest rate is going up. I don’t see the upward trend to last much longer.
