February 2016 Market Update
On all fronts February was another record-setting month in the Vancouver real estate market. For the month, sales were at their highest in the past decade as the number of active listings were at their lowest over that period. Those two forces combined to set some impressive gains in prices.
The benchmark price for a house on the Westside topped $3,000,000 for the first time ever. Condos in the same area increased over 4% in just one month while townhouses on Vancouver’s Eastside rose nearly 30% year-over-year.
It doesn’t appear likely that there will be any slow down in the market for detached homes, 1/2 duplexes or townhouses in Vancouver in the foreseeable future. given the quantity of condominium properties in the market and the recent and rapid price increases that we’ve seen there may be a swell of supply that will hit the market in the next few months as condo owners try and realize some recent gains. Should that supply outpace demand, we may see a slowing of price increases for the condo market at least.