At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
For August’s statistics report, we have Jeff Appelbe here to detail another intriguing month. Read on for his insight into the slowing August market.
Inventory Levels Are Low
The key to what’s happening in the market right now is tied directly into the inventory levels across the region. The Bank of Canada is going to keep its key interest rates steady, and this is going to perpetuate the buyer demand. Which in turn, is affecting the inventory levels.
This dip in inventory is far more pronounced when you look outside of the city. Inside Vancouver and the North Shore, we see a bit more availability, however, inventory levels are at varying levels of “low” in and around the Lower Mainland.
August, is a tough month to use as a bellwether. Fatigue has set in, from the early 2021 influx, and the markets are still reflecting the coming out of lockdown. The bottom line is; the market remains strong.
Jeff's Key Observations
With the Federal Election coming up, there has been a lot of talk about housing. However, no major changes are expected as a result. We are going to see the market continue to be really good for sellers, and buyer demand is going to continue to be strong.
Price growth will level off. We will not see the 20% to 25% increase that we’ve seen over the last year. That is due to a steady interest rate for the past eighteen months.
Next month we are going to see a nice bump in inventory. September and maybe the first little bit of October will climb, before teetering off into the fall and winter months. Making this next little window a great opportunity for buyers.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.