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 February 2021 statistics report, we have Oakwyn agent Jeff Appelbe here for his market update.
Unprecedented Statistics for February
February 2021 statistics show that the last couple of months have been astounding for the real estate market. The sales to active ratio for detached homes is now at 40%. That is the highest ratio we’ve had for sales in the detached market since April 2016. Sales are also up 79% year over year, and prices are essentially up 13% depending on the area.
Read on to see how those statistics can be broken down.
Jeff's Key Findings
Firstly, February 2021 statistics show us it is in the more affordable areas where we’re seeing the most frantic buying. Surrey has a 70% sales to active ratio which is the highest on record Jeff could find for that area. They’re also getting 20 to 25 offers on some places which is skewing the market.
Secondly, condos took a little longer to turn around but Jeff notes he’s now seeing that buying activity starting to tick up starting around December. Downtown now has a 38% sales to active ratio which means that we’re seeing increased buying in downtown.
Lastly, there are more buyers than sellers, this is driving the prices up. Prices were up 2.6% across the board in just February alone. Think about that on 12 times in a year. This is being caused by ultra-low interest rates. The Bank of Canada has committed to keeping rates this low until 2023 which will continue to drive this sellers’ market.
Get in Touch!
Contact Oakwyn or Jeff if you would like help navigating the market. There are still opportunities out there, we just have to look a little harder.
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.