Happy New Year !! Property values soared once again in 2021 and the 43,999 homes sold in 2021 broke 2015's all-time sales record.
Home sales in Metro Vancouver reached a record high in 2021 with experts saying the pandemic played a significant role. According to the Real Estate Board of Greater Vancouver, home sales in 2021 increased by 42.2% compared to 2020 and by 73.6% from 2019.
B.C. Assessment sends out more than one million property assessments to owners every January. However, in most cases the assessments are well below the market value as the assessments are based on property values as of July 1, 2021 and the general market has increased in the past 6 months.
Furthermore, we should expect detached homes to rise in value faster than condominiums or townhouses, and suburban locations rising faster than more central urban areas due the continuation of the pandemic and more families working from home.
Focusing on the Downtown Vancouver condo market in December 2021, predictably inventory has significantly decreased and there is consistent activity under $1,250,000.
The under $900,000 market is selling at 73%, 117 out of 161 homes are selling, up 2% from last month.
The $900,000 to $1,000,000 market is selling at 40%, 14 out of 35 homes are selling, same as last month.
The $1,000,000 to $1,250,000 market is selling at 51%, 24 out of 47 homes are selling, down 2% from last month.
The $1,250,000 to $2,000,000 market is selling at 17%, 22 out of 126 homes are selling, down 2% from last month.
The $2,000,000 to $2,500,000 market is selling at 8%, 3 out of 37 homes are selling, down 8% from last month.
The $2,500,000 to $3,000,000 market is selling at 5%, 2 out of 39 homes are selling, down 4% from last month.
The $3,000,000 to $5,000,000 market is selling at 3%, 2 out of 61 homes are selling, down 3% from last month.
The $5,000,000 plus market is selling at 2%, 1 out of 49 homes are selling, same as last month.
Total unit sales in Downtown Vancouver were down 38% from last month and down 6% from December 2020.
Those who are priced correctly for this market are selling on average at a healthy rate of 19 days, up from 16 last month.
The median price increased 3% from last month, and the median price increased 12% from December 2020.
The average price per square foot slightly increased from $1,047 in November to $1,061 in December.
Typical for the year end, our Downtown Vancouver inventory has decreased 30% as there are presently 555 active listings which is down 23% from December 2020.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End. And the buyers’ best bets are units priced over $5 million in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian