JANUARY (2021) MARKET UPDATE

VIDEO MARKET REPORTS BELOW

METRO VANCOUVER
GREATER VANCOUVER
FRASER VALLEY

AS many of you have heard over the past months, we had a ridiculous Residential Real Estate Market in 2020 (in a good way) and many of my sources are predicting an even stronger 2021. The difference being that home prices are estimated to increase due to several factors: (1) demand (2) low inventory (3) ultra low interest rates (4) confidence in the economy (5) and the changing needs of the market place.

DEMAND: Many people who have listed and sold their homes now need to find another place to live. With low inventory out there, people are having to fight to get properties they want. Which creates demand. There are more factors that add to this as well, but this is just one element to creating demand.

LOW INVENTORY: Many people are frankly nervous to list because they are worried that they may not find what they want and potentially be homeless. So many people have opted to wait to list until Spring. However, we are finding that people that are listing today are selling quickly at a great price (often over ask); and if they time it right, will be able to get into a home in Spring when there is more inventory. So if you are thinking of LISTING … take the plunge and let me do a CMA for you.

INTEREST RATES / ECONOMY: Many sources are stating that, due to COVID and the effect on the economy and unemployment rates, that the economy needs stimulus to avoid an economic meltdown. One way that can be done is through a continued offering of low interest rates over an extended period of time. Some analysts are suggesting two to three years. No one can predict the future, however, this is one tool that is used to stimulate the economy. So if you are working and are in the market to get in, this is a great time even if you have to offer a little over asking price. Just think, if you offer $10,000 dollars over the asking price at such a low rate, you still save thousands of dollars in the long run. You are welcome to speak to Chris Jung (ClearTrust Mortgage Professional) for more on this. (778) 708-0895 or chris.jung@cleartrust.ca

CHANGING NEEDS: Due to COVID, many people have discovered their needs are changing. They are using their homes more than ever with people working from home and children often schooling from home. Some are finding they may need more space, where others are saying they may need less and have appreciated being outside more (hiking, biking, taking in nature, skiing, etc.). So the market is responding to all those needs and more.

All of the rest of the STATS packages, including video market up dates and info graphics are below: Enjoy!

Brent Weick