New highs and some incredible numbers highlight the first month’s statistics.
We are now in record price territory with a 0.8% increase over the previous highs set in May 2008. In the past year, Vancouver West benchmark prices have soared an astonishing 38%! Clearly this has been driven by historically low interest rates, incredibly low supplies of housing, and all the other factors that have made Vancouver a desirable place to live. Apologies to Squamish for not taking part in this resurgent market.
The big question on everyone’s mind is whether this is a last blast before an Olympic quiet period and then a boost in listings or whether the trend will continue on. Even new REBGV President-elect Jake Moldowan mentions the Olympic factor with no concrete prognostication for what may happen afterwards (or during). All we can comment on is what is happening now… and that is multiple offers, low supply, rapid sales, and frustrated buyers who cannot find their right home. Downtown we are seeing difficulties getting around already and that many desirable higher end homes have been rented for the Olympics.
I would bet February on the Westside and Downtown will be quieter but that East, Burnaby, and elsewhere will be robust.
Vancouver, BC 