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Feb 2021 – Real Estate Market Analysis

Faith Wilson Group’s exclusive and comprehensive Market Analyses for February 2021 have arrived.

Our housing market part of a global phenomenon

We are not alone.

The amazing 2021 housing sales and price performance being experienced in B.C.’s Lower Mainland mirrors what is happening in great urban centres around the world. House prices have risen year-over-year in 33 of the 49 global cities that compile the Global Property Guide. We believe that momentum, building in the U.S., Asia and Europe, will have a direct effect on the Metro Vancouver housing market when international immigration and travel restrictions are lifted as the vaccines end the pandemic.

So far, our record-breaking housing market has been totally led by local buyers and sellers. Greater Vancouver housing sales in February were 42.8 per cent above the 10-year average for the month, which is traditionally a slow period for home buying, a go-slow bridge between the holiday season and a wave of real estate action in the spring. But this year, which is already surpassing the sales and prices of the last peak of 2016, is setting a new standard from the Pacific Coast to south of the Fraser River.

The Fraser Valley saw housing sales soar 108 per cent higher than in February of last year, and housing transactions were 88 per cent above the 10-year average for the month and, tellingly, 18 per cent higher than in February 2016. And prices have followed suit. The benchmark price of detached house in Greater Vancouver is up 13.7 per cent from a year ago and house prices have rocketed nearly 20 per cent higher in the Fraser Valley in the same period.

Sales and prices of townhouses and condominium apartments are also strong, and strata transactions will begin to outpace the detached house sector as this incredible market widens this year.

Canada has embarked on an ambitious program to raise immigration levels by 400,000 people a year over the next three years. Sixty percent of newcomers to Canada settle in only two urban centres: Greater Toronto and Metro Vancouver, which will drive condominium and townhouse sales higher. Sure, historically low mortgage rates are playing a part in the current housing boom, but there is more than that at play. The pandemic has awoken the entire planet to the importance and the intrinsic value of owning a home, and the need to have a safe place to live.

Multiple offers are now common in the Metro Vancouver housing market: we have seen literally scores of offers being presented for some properties. But I suggest the competition that buyers face today will pale in comparison to what is coming when the immigration gates open once again.

If you are considering taking your first step onto the real estate ladder, or ascending higher, this spring is the time to be taking action.

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