Do you remember the one area of weakness that we mentioned last month? That was East Vancouver houses and it, too, has picked up in the last month (sales nearly doubling month-to-month). It’s becoming more and more apparent that the market is on an upswing.
Supply on every front is extremely limited. It appears owners continue to be reluctant to put property on the market (March had 30% fewer properties on the market than the 10-year average). This limited supply, along with buyer confidence, is beginning to put significant upward pressure on prices. Particularly condos and prices under $1,000,000. And that activity at the lower end is starting to generate activity at higher prices (as evidenced by increasing house sales).
The only item on the horizon that could push the market off course is the upcoming provincial election. Without being political (this is a real estate newsletter after all), an unexpected outcome or a victory by a party that is less business-friendly could lead to uncertainty or potentially a loss of confidence in our market. The status quo will likely lead to continued strengthening at all levels of the Vancouver real estate market.
March 2017 – Infographics