Market Update March 2021

Dated: March 17 2021

Views: 63

The continued imbalance between supply and demand is putting upward pressure on home prices across the region. The REBGV reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3% increase from the 2,150 sales recorded in February 2020, and a 56% increase from the 2,389 homes sold in January 2021. February sales were 42.8% above the 10-year sales average for the month.

As of March 2, The total number of homes currently listed for sale on the MLS® system in Metro Vancouver was 8,358, a 9.1% decrease compared to February 2020 and a 0.6% increase compared to January 2021. This is 21.2% below the February 10-year average for new listings. 

It's clear that restricted supply is creating competition between buyers and upward trends in pricing. If you're a seller, it's a great time to list your home, and you can contact me for a complimentary property valuation. If you're a buyer, you'll need the assistance of an experienced REALTOR® to create a strategy to succeed in this market. Whether you plan to buy, sell, or do both, I'm ready to assist and help you achieve your real estate goals.

Mortgage rates have moved up slightly over the last couple weeks so it's important that you lock into a preferred rate with a mortgage pre-approval. The rate at which homes are selling means you'll likely miss out on a property if your financing is not in place before beginning your search. Please get in touch if you'd like assistance getting started on the pre-approval process.

If you're ready to make a move, I'm ready to help.  

Chris Lambert
604-340-6457
chris@chrislambert.ca

 
Click the button below to download a copy of the complete stats package.
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FEATURED LISTING
3657 Commercial Street, East Vancouver
$1,180,000

Welcome to BRIX II. A Brooklyn inspired modern rowhome located in one of the best neighbourhoods in East Van. This thoughtfully designed & tastefully updated home features 3-bedrooms, 2-baths and 1,178sf of living space. 1 parking & storage locker included, and pets & rentals are welcome.

 WHY BC ISN'T DOING ANYTHING TO COOL THE RED-HOT REAL ESTATE MARKET

Metro Vancouver’s housing market is red hot, with record sales, skyrocketing prices and outrageous bidding wars across the region. If you're hoping for the BC government to jump into the fray and wrestle the real estate sector back down into some semblance of normalcy, well, don’t hold your breath. We need supply, and plenty of it.

JUST LISTED & SOLD
221 2910 E Pender Street, East Vancouver
Offered at $679,000

In this red hot market I can sell properties faster than I can list them. We took this 2-bedroom condo in East Van from listed to sold in just 4 days. It's a great time to list if you've been considering a sale. Please get in touch if you'd like to receive a complimentary valuation on your property.

 

At Macdonald Realty, we're working hard to keep you safe while fulfilling your real estate needs during the pandemic. We've put together a guide that outlines the extra precautions that you can expect to see.

Click the image above to download a free copy.
 
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DO YOU KNOW SOMEONE THAT IS PLANNING TO BUY OR SELL A HOME?

 
If you know anyone that is planning to buy or sell a home, please consider connecting me. Your recommendations are welcome and appreciated!
 
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Chris Lambert
REALTOR®
Certified Negotiation Expert

Macdonald Realty Ltd.
1050 Howe Street, Vancouver BC V6Z 1P5

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Chris Lambert

Hi, I’m Chris. I help people like you to buy, sell, and invest in real estate throughout beautiful British Columbia. I love what I do, and I’d love to help you too. I'm an experienced and hard w....

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