As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not a subscriber and would like to be, please let me know. This below is my personal take on what’s happening out there.
The last quarter of 2020 saw strong sales volume across Vancouver and increased upward pressure on prices, especially in the entry points of the detached market, both in East Van and on the Westside. Smaller condos, especially Downtown, were slower to move with more choice and less urgency among buyers. However that seems to have shifted already in the New Year.
2021 is starting where 2020 left off in the detached market and now most of the condo market has joined it, including the one bedroom sector which is so often the engine that propels everything else. Demand is outpacing supply and multiple offers are common place. Unless the listing inventory increases significantly this is likely to continue and a spring market that has sprung a few weeks early could have the strength to power all the way through to summer. Local upsizers are now being rejoined by investors, who pulled back last year while waiting to see how things played out.
Of course, with so much uncertainty in the world still, all of this could change in a heartbeat, as it did this time last year. However the resilience and underlying strength of the Vancouver market has passed yet another unprecedented test. The doubters will continue to be skeptical, but anyone fortunate enough to have the means to do so, is very unlikely to be disappointed if they continue to invest here prudently.