Sales 🔽 : 13.8% decrease compared from September 2020, and a 0.1% decrease from August 2021. Last month’s sales were 20.8% above the 10-year August sales average.
Inventories🔽 : 29.5% decrease compared to September 2020 (13096) and a 2.6% decrease compared to August 2021 (9005).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,186,100. This represents a 13.8% increase over September 2020 and 0.8% increase compared to August 2021.
Market has picked up even more in September. Inventory is the main issue. There are not enough homes to meet the demand in today’s market. The news and media will only emphasize on how crazy the market is, which house got sold over asking by this much etc. What I found is it depends on the area and type of properties. Detached properties are in general very popular especially the ones with rental suites. However there are still decent deals in other areas. For example the townhouse sale-to-active ratio has been insanely high (53%) as in this type of property is extremely popular now but I noticed the slightly older 3 bedroom townhouses in Richmond are quite affordable compared to other areas. The link below is a good example.
For Van West there are deals under $2M:
And for around $500,000 range there are still decent deals as investments. A recent purchase for a client in Central Park Burnaby with potentially $2000 return per month. We manage to purchase the property close to $50k lower than another unit sold at around the same time!
The take away is don’t overly rely on the stats, they are there as references but not always true. Our mission is to help you find that hidden gem and sell your property for the highest price possible even when market is not as hot in the area!