NOVEMBER (2021) MARKET UPDATE

VIDEO MARKET REPORTS BELOW (click areas)

MARKET REPORT

The Real Estate Market continues to be strong according to the October 2021 numbers, with overall sales the third highest on record! WOWZA!

Larry Anderson, President of the Board said, “What we are seeing is a combination of above-average sales with below-average new listings which is placing strong upward pressure on home prices, for all residential categories, month-over-month”

“It is a very challenging time, particularly for buyers. I empathize with clients who have been trying to buy a home for more than a year without success after multiple attempts. Now, more than ever is the time when buyers and sellers alike must rely on their REALTOR® to guide and advise them in considering all available options, including a change in community or even property type.”

In my experience over the past months, some of my BUYERS have actually found deals. We were able to purchase one ReSale Condo for $15,000 under asking price in Guildford area and another Condo (NEW) at asking price in Burquitlam area. So you never know.

The BEST thing to do as a BUYER is to be prepared.

From the SELLERS point of view, it is an opportunity to UPSIZE and UPGRADE, which we have been able to do for several of my clients.

MLS® HPI Benchmark Price Activity (Fraser Valley)

Single Family Detached: At $1,396,700, the Benchmark price for an FVREB single-family detached home increased 2.5 per cent compared to September 2021 and increased 33.4 per cent compared to October 2020.

Townhomes: At $720,500 the Benchmark price for an FVREB townhome increased 1.9 per cent compared to September 2021 and increased 26.6 per cent compared to October 2020.

Apartments: At $514,200 the Benchmark price for an FVREB apartment/condo increased 1.9 per cent compared to September 2021 and increased 18.3 per cent compared to October 2020.

GREATER VANCOUVER

“Home sale activity in Metro Vancouver* remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.

So really it’s the same story here as well.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is $1,199,400. This represents a 14.7 per cent increase over October 2020 and a 1.1 per cent increase compared to September 2021.

So bottom line. We need more inventory to slow the market down. IF YOU ARE CONSIDERING LISTING YOUR HOME IN THE COMING WEEKS OR MONTHS, PLEASE GIVE ME A CALL AND I WILL DO A FREE HOME MAKET EVALUATION. You may be surprised what your house would sell for today? You may be able to upgrade or relocate to a more convenient location.