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March Market Hints at Potential Cooling as the Federal Government Prepares to Make Announcement
Dated: April 8 2021
The real estate market remains to be the driving force of Canada’s economy as home sales continue to reach historical highs in the Fraser Valley for the month of March.
The Fraser Valley and Vancouver continue to be in a seller’s market as the pandemic remains to influence home buyers to invest in detached homes away from the city into the suburbs. The Fraser Valley is at an 80 per cent home selling rate, surpassing Vancouver which is currently at a 55 per cent.
According to Fraser Valley Real Estate Board (FVREB) statistics, the month of March saw a 131 per cent increase in residential and commercial sales combined compared to March 2020 and 18 per cent more than in February. This is a sales record that is reminiscent of the market that the FVREB experienced in 2016.
The increase in demand for housing in the past year coupled with low inventory has resulted in the prices of detached housing to increase dramatically. Statistics reveal that in the last month detached home prices in SURREY, BC are selling for an average of 7 percent above listing price, while condos and townhomes sell for 3 percent above listing price.
As home buyers navigate this challenging seller’s market, often facing the reality of escalating prices and multiple offers, the FVREB lends some insight into the market potentially beginning to cool as inventory levels begin to increase.
The number of new inventory has also reached historical highs which the FVREB has not seen since its inception in 1921. Inventory for the Fraser Valley increased 91 per cent compared to March of last year, and 56 per cent more than were processed in February.
As the Trudeau government prepares to announce its federal budget on April 19, we can expect an announcement of new measures for the industry in an attempt to balance the market.
For more information on the current market stats in your neighborhood, or for your own copy contact us at 604-220-0000.
Brent Roberts purchased his first piece of real estate at the young age of 18. He has since bought and sold over 100 homes throughout his investment career. His portfolio has included single family ho....