Welcome to this week’s Market Facts and Feelings.
As of December 2020, the leftover inventory level is very low at 8328 and the average days on market is 37 days in Metro Vancouver.
I noticed that the seasonal fluctuations in real estate have changed last year. We usually see the highest number of homes sold in the summer. However, last year, all sales were postponed due to the pandemic and the sales peaked in September instead.
In fact, the number of homes sold in December 2020 has increased by 22% from the same month in 2019. The prices have also increased as you can see here are the benchmark prices for Greater Vancouver.
The Canadian mortgage rates are still sitting at record low and the RBC Capital Markets forecasted that the rate will stay the same until Q3 in 2022. Also, according to RateSpy, we probably will see a cheaper variable rate mortgage this quarter.
As people are more accustomed to the pandemic lifestyle, consumer confidence continues to improve. Bloomberg/Nanos noted that: “views that the value of real estate will increase have hit the highest levels since the Nanos tracking began in 2008.”
With strong consumer confidence, low inventory and low mortgage rates, I believe the momentum will continue this week.
If you have any questions relating to real estate in Greater Vancouver, please do give me a call at 778-776-7190 for some free advice on your current situation. We look forward to hearing from you.