HOME SALES OUTPACE SEASONAL NORMS AND
LONG-TERM AVERAGES
Home buyer demand has been at near record levels since the summer. This is putting upward pressure on home prices particularly in our detached and townhome markets.
The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market. The supply of homes for sale are a critical factor in understanding home price trends.
While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish. The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas.
Housing demand within the Greater Vancouver region continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.
Contact me to understand what these trends mean to you and your housing needs.