Happy Holidays East Van!
As it’s been all year, inventory remains really low, mortgage rates remain really low and Buyer demand remains really high. Given that the holiday season is upon us, inventory levels always drop even further, despite the activity levels remaining high, which is why the sales to active ratios right now are the highest the’ve been since the Spring.
Multiple Offers are still common across all products and neighbourhoods, so you have to be willing to compete if you’re interesting in buying. Every now and then a property doesn’t receive any offers because it was priced too high, so if you can’t be competitive for some reason, look to these properties as your opportunity to submit a conditional offer.
I’m sure you’ve heard about it in the news, but inventory is at a historical low right now, while sales activity is above average. This dynamic is contributing to a continuing rise in price, multiple offers and over competitiveness. A lot of people have been asking me – if the market is so good for Sellers, why aren’t they listing? It’s a few factors, but the biggest is that they are struggling to buy their next property, whether that’s because they haven’t been successful in multiple offer situations or potentially that they can’t afford the jump to the next property. The market is a victim of it’s own success.
If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. 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:
HPI increased again this past month, particularly for detached houses, which is not a surprise given the number of Buyers out there still looking for their next home who haven’t been successful throughout the Fall. As expected, total inventory declined significantly, though the number of new listings and sales either declined or remained fairly stagnant, so Buyers are snapping up some of the listings that have been sitting on the market.
The sales to active ratio has been really high: 29% for houses, 54% for townhouses, 43% for 2 bedroom condos and 70% for 1 bedroom condos – some strong numbers for this time of year.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16 per cent increase over November 2020 and a one per cent increase compared to October 2021.
Sales of detached homes in November 2021 reached 987, a seven per cent decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020 and a 1.1 per cent increase compared to October 2021.
Sales of apartment homes reached 1,828 in November 2021, a 33.3 per cent increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4 per cent increase from November 2020 and a 0.9 per cent increase compared to October 2021.
Attached home sales in November 2021 totalled 613, a three per cent decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2 per cent increase from November 2020 and a 1.6 per cent increase compared to October 2021.
East Vancouver Real Estate Stats up to and including November 2021
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
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.
Now is a great time to check in with your mortgage broker about your existing pre-approval considering that fixed rates are going up. My preferred mortgage brokers have been great about detailing the difference between fixed and variable rates and how you may be better off going variable, so if you’re looking for a mortgage broker, please ask for a referral! Having a thoughtful, organized broker can make a big difference in the sale, and knowing where you stand from a financial perspective now can give you sometime to improve your file to be ready for the Spring market.
I hope every has an absolute blast at Christmas, whether you’re staying or going. We work throughout the holidays so if you have any questions – don’t hesitate to ask!