Fall 2021- Market Update

October 7, 2021

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.

As predicted in my last newsletter, the slightly calmer conditions through the summer appear to have been a result of seasonal burn out after a frantic spring. We are now back to a busy fall market with competing offers commonplace again. There was a much needed but all too brief spike in listing inventory after Labour Day, but demand is still far exceeding supply in nearly all sectors of the Vancouver market. The upward pressure on prices is not as strong as it was in the spring, but it will probably still be enough to see another modest increase in values, especially in detached homes, by the end of the year. 

With the most overheated sectors being fuelled by local end users purchasing primary residences, there are more buying opportunities  in areas that have been traditionally fuelled by out of town buyers and/or investors. These include luxury condos and pied-a-terres, especially in the Downtown core. With a third layer of federal taxation joining the existing municipal vacancy tax and provincial speculation tax, all of which target non resident buyers, these more balanced conditions may continue a little longer. But I would suggest that, for better or worse, it is only delaying the inevitable.