Market Update April 2021

Dated: April 13 2021

Views: 78

Real estate sales in Metro Vancouver soared to new heights last month. The REBGV reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1% increase from the 2,524 sales recorded in March 2020, and a 53.2% increase from the 3,727 homes sold in February 2021. Last month’s sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region. 

We're continuing to see an imbalance between supply and demand. Single family homes and townhomes continue to be the most sought after products, but condo sales have been rising. Considering how competitive the current market is, I wanted to showcase a couple of properties that provide great value in a heated market. Scroll down and check out the two active listings I've featured this month.

We had some big news in the mortgage world this week. The OSFI has proposed a tightening of the stress test that would see the qualifying rate on uninsured mortgages rise from 4.79% to 5.25%. Buyers will need to qualify at 2% above the contract rate or 5.25%, whichever is higher. This will decrease the purchasing power of some buyers by approximately 5%. If approved, these new regulations will be in place as of June 01. If you're planning to buy a property it's important that you speak with your Mortgage Broker about how these changes may affect your purchase.

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.
Stats Report Download Link
Facebook
Instagram
Email
Twitter
YouTube

FEATURED LISTING
312 168 Powell Street, Vancouver
Offered at $479,000

Great value in Gastown. A bright & spacious 1-bedroom condo in a 12-year old concrete development by Concord Pacific. Pets & rentals are welcome, and parking & storage are included.

MORTGAGE STRESS TEST SET TO RISE ON JUNE 1

Canada's top banking regulator is raising the mortgage stress test level to 5.25% or two percentage points above the market rate, whichever is higher. That's a hike from 4.79%, which is the current average posted rate at Canada's biggest lenders.

FEATURED LISTING
604 1425 Esquimalt Ave, West Vancouver
Offered at $430,000

Oceanbrook is a concrete co-op building located within walking distance of Ambleside Beach, shops, and restaurants. Bring your design ideas for this large 1-bedroom home that features views of English Bay from the balcony. The maintenance fee includes heat, hot water & property taxes, and the building has both indoor and outdoor pools.

*The interior image below features virtual staging furniture

METRO VANCOUVER HOME SALES HIT ALL-TIME RECORD IN MARCH

Last month’s sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region. New listings in March were 18.6% below the 10-year average for the month. The imbalance between listings and sales continues to put upward pressure on prices. 

 

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.
 
Facebook
Instagram
Email
Twitter
YouTube

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!
 
Facebook
Instagram
Email
Twitter
YouTube
Chris Lambert
REALTOR®
Certified Negotiation Expert

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

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list

This communication is not intended to cause or induce breach of an existing agency agreement.






This email was sent to *|EMAIL|*
why did I get this?    unsubscribe from this list    update subscription preferences
*|LIST:ADDRESSLINE|*

*|REWARDS|*
Blog author image

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....

Latest Blog Posts

Market Update September 2021

*|MC_PREVIEW_TEXT|* The condo market is booming with sales up over 22% compared to the same time last year. The Real Estate Board of Greater Vancouver reports that residential home sales in

Read More

NEW LISTING - 6415 KEITH ROAD, WEST VANCOUVER $3,177,000

NEW LISTING6415 Keith Road, West VancouverList Price $3,177,000 -- CLICK HERE TO VIEW THE LISTING -- Welcome to 6415 Keith Road. This stunning contemporary home sits on a private lot and

Read More

Market Update April 2021

*|MC_PREVIEW_TEXT|* Real estate sales in Metro Vancouver soared to new heights last month. The REBGV reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1%

Read More

Market Update March 2021

*|MC_PREVIEW_TEXT|* 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

Read More