Home buyer demand have been at record levels in the Metro Vancouver area since the summer. Housing demand continues to outpace historical averages. November sales were over 3000 units for the 1st time since 2015, this is a 22.7% increase over last year.
November 2020 sales - 3064
November 2019 sales - 2498
The total number of homes for sale is lagging behind the pace of the demand this year. This trend favours the Seller and is creating multiple offer scenarios on many of the attractively priced homes. This results in upward pressure on home prices - particularly in our detached and townhouse market.
Fun fact, the Sunshine Coast saw the largest increase in home sales and are up 82.8% over November 2019. While demand remained elevated across the region, the largest home buyer activity was focused in the more remote areas like the Sunshine Coast, Gulf Islands and Squamish.
COVID-19 has given many of us a window of time to re evaluate home situations, the truth is we are adapting to the realization that we can work from home. There will always be some jobs that are the exceptions to this.
Couple that with the lowest interest rates we've seen in years and it's the perfect storm for a busy real estate market.
Let's look at the North Vancouver.
The average detached house in North Vancouver will cost you $1,671,500 (Benchmark price) this is up 11.6% over last year and up 27.1% over the last 5 years. While the average townhouse will cost you $1,031,400 (Benchmark price) 1 year change up 10.1% and the 5 year change is up 42.5%. Condo activity is slower (inventory is high) with the average costing you $585,300 (Benchmark price) 1 year change up 7.3% and the 5 year change up 48.3%.
Sure, there are up markets and down markets, when investing you'll need to ride out the waves. When deciding where to put your money you may ask: "Do I invest in the stock market?" or "Do I invest in the real estate market?"
The numbers don't fib as there is long term gain.
My money is on real estate, particularly North Vancouver has always proven to be a solid investment.
For questions about any of the other areas in the Greater Vancouver region please reach out to us by email or text.