Market Update September 2021

Dated: September 13 2021

Views: 178

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 the region totalled 3,152 in August 2021, a 3.4% increase from the 3,047 sales recorded in August 2020, and a 5.2% decrease from the 3,326 homes sold in July 2021. Last month’s sales were 20.4% above the 10-year August sales average.

Prices leveled off during the slower summer months as the supply of new listings struggled to keep up to demand, but the fall market is around the corner so we expect to see a rise in new listings in the weeks ahead. If you've been considering a sale, it's a great time to sell. 

Housing supply is the biggest factor impacting real estate markets across Canada right now. The Liberals, Conservatives, and NDP have all made housing a major part of their platforms, so make sure you get out and vote on September 20. I've linked to an article below that outlines the housing promises of the LPC, CPC, and NDP.

Mortgage rates have remained steady and continue to be very good. If you're considering buying a new home, it's important that you're pre-approved for financing. Please get in touch if you'd like any assistance getting started on a mortgage pre-approval.

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

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

 
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FEATURED LISTING
205 1425 W 6th Ave, Vancouver
Offered at $2,598,000

Featured in Western Living and the Globe and Mail, this stunning home spans over 3,000 sqft of combined indoor/outdoor space on one level. 2-parking & storage lockers included. 

COMPARING ELECTION PROMISES TO INCREASE SUPPLY

Canadians head to the polls on September 20 to elect a new federal government. This article highlights a few marquee policies proposed by the three largest parties.

FEATURED LISTING
503 505 W 30th Ave, Vancouver
Offered at $1,368,000

Developed by Intergulf in 2015, Empire at Queen Elizabeth Park is a LEED Gold certified building centrally located in the Cambie corridor. This 2-bed/2-bath corner unit features over 1,000 sqft of living space and comes with 2-parking stalls and a storage locker.

MAXIMUM ALLOWABLE RENT INCREASE CAPPED AT 1.5% FOR 2022

The Province enacted a rent freeze at the beginning of the COVID-19 pandemic that will be in place until the end of this year. Beginning January 01, 2022, landlords will be able to raise rents by a max of 1.5% and must provide tenants with three full months of notice.

 

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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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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