These stats are for Greater Vancouver and all property types. I cannot stress enough that not all property types and areas perform the same. If you’d like specific information for your property type of interest and neighbourhood please reach out to me.
Sales were up 37% compared to January of 2020.
Listings were up 3.4% compared to January of 2020.
The benchmark price (all property types) is $1,020,000 which is up approximately 2% compared to last month.
As you can see there are far more sales than listings coming on the market which is making things very competitive for buyers. Be prepared! And if nobody has taken the time to strategize with you and explain the process I will do that. Just ask.
Mortgage rates also came down. You should definitely talk to your mortgage broker and get a rate hold if you’re considering a purchase. Also, it might be a good time to refinance an existing mortgage. Again, contact your broker to see if this is a good move for you. You could save thousands.