Hello East Van!
I’m getting right into it – March 2021 was the busiest month ever for Greater Vancouver Real Estate. March sales were 72.2% above the 10 year March sales average and the highest monthly sales total ever – WOW. I don’t know how many people would have predicted this at the onset of a global pandemic but the desire to find a home that works for your lifestyle has been paramount for many, in addition to incredibly low interest rates (and at the moment many buyers have a sub-2% interest rate locked in until mid-June) and renewed optimism in the economy.
Being out there with clients looking for everything from condos to houses I can tell you this activity was felt by everyone. In general, just about everything is receiving multiple offers but the property does have to be priced reasonable to low in order to create that scenario. Homes that are modern and move in ready have the most interest (and no doubt thanks to increasing construction costs).
On another note, this week, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages. The new proposal for the qualifying rate for uninsured mortgages is the higher of the mortgage contract rate plus 2%, or 5.25%, whichever is higher. The current qualifying rate is contract plus 2% or 4.79%, whichever is higher. Since rates have been below 2.79% for the past year plus, all files have been qualified at 4.79%. The increase in qualifying rate will decrease affordability for uninsured buyers by 5%. It’s expected that this change will take effect on June 1st. As I mentioned above, interest rates have also increased recently (and for many Buyers will take effect in June) which may act as extra incentive for Buyers to complete their purchase before June.
Otherwise, inventory levels have been decent, though it doesn’t necessarily feel that way since so many properties are being sold that we’re not seeing the amount of inventory grow from month to month in order to pressure the market down. I think we’re going to continue to see new inventory over the next few months so keep your eye on the market – your opportunity will come.
If you’re thinking about selling your property, give me a call to chat about value and the process. I understand the intricacies of marketing a property expected to receive multiple offers and negotiating the best contract possible for you. There are plenty of details to chat about so don’t hesitate to contact me if you’d like to get started [email protected] or 778-387-7371.
Onto the stats:
Last month I said the stats weren’t telling the whole story but that’s not the case this month! There was a big jump in HPI Price and sales this past month – have a look at the graphs. Note that the number of new listings and total inventory indicate different numbers:Total Inventory is the number of properties available for sale in active status at the end of a given month. New Listings is a count of the properties that have been newly listed on the market in a given month. Calculations are based on MLS listing data.
East Vancouver Real Estate Stats up to and including March 2021
If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: [email protected] or 778-387-7371.
Finally, my monthly reminder to keep supporting local businesses – especially now that many are working reduced capacity given the current Health Orders. It’s also a good time of year to start working on some home projects – everything from exterior touch ups, gutter cleaning, furnace and duct maintenance, grout cleaning and resealing, carpet cleaning, spring garden planning and more. And your health benefits have renewed so contact your favourite health service providers for a treatment!