The statistics for the month of February reflect a market that is coming to life after a quieter fall and winter. In almost every meaningful measurement we are seeing an upward trajectory. The one area that continues to show weakness is East Vancouver houses…which have seen an elevated supply and a slight dip in values…but anecdotal evidence shows even this will soon change.
February’s market fell well within the 10-year average (a measurement that reflects many, many years of strong markets). In our opinion, the nadir of the current real estate cycle is now behind us.
While the lower end of the market (<$750,000) has been busy for the last few months, we believe that this will begin to translate into increased prices and activity at the higher end (>$1,500,000). If you’ve been thinking of upgrading, we believe that our current market is presenting some excellent opportunities.