Where are we seeing lots of strength in the market?
Let’s start with the condo market. The condo and townhouse market is very strong up to $1.5M, with the most active price band being between 400,000 and 500,000. Homes are selling on average 100% of list price. Overall, the westside condo market is really strong, favouring sellers with 37% of them sold last month. This is not surprising as more buyers can’t afford rising detached home prices. Inventory seems to be keeping fairly steady, but as demand increases, prices will soon follow suit. The current locations with most activity for condominiums are Fairview, and Kitsilano.
Now let's look at the single family market. You can see here that the market is at its strongest between 2.5 and 2.75 mil. Like condos and townhomes, single family homes are also selling on average 100% of list price. Median prices are the highest they have been over the last 13 months. The strongest location for buyers is definitely Shaughnessy and South Granville, and Kerrisdalle and Kitsilano for sellers. I have a special report on Kitsilano single family market, if you want to check out the market update page of my website.
If you would like to take a look at the market conditions in more detail feel free to reply to this email.
If you would like to take a look at the market conditions for your area in detail, you can download the latest Snapstats report here. This is a great way to learn where the market is heading. You will find a great 13 month graph here for each area showing:
- how prices are changing over time,
- how supply is changing over time,
- and how the number of sales are changing each month.
If you are interested in gaining access to all the sold and available homes in the lower mainland, feel free to use my website to search for your next home.
All the best,