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 October’s statistics report, we have Jeff Appelbe here to detail another intriguing month. Read on for his insight into the changing October market.
Things Are Changing
Buyer demand continued to be very hot this month. Sales were up 22%, over the 10 year average for October. Inventory is down 35% from last October. Jeff observes a continued problem: buyer demand is hot, inventory is low. This, he notes, is driving prices up.
The thing that’s changing is interest rates. The Bank of Canada has now signaled that interest rates will be climbing likely next year. This means all the banks will change their 5-year fixed rates. Jeff estimates that we will have a bunch of people rushing to get their rate-hold used before it dries up in the next month or two.
Jeff's Key Observations
Condo prices in the whole region are up 1.2%, detached home prices are up 1.2% as well. If we jump into the sales-to-active ratios. Downtown is virtually flat. Downtown is the only place where inventory is not an issue. Lower Lonsdale went from 44 to 83%, East Vancouver 34 to 48% sales-to-active ratio, so we did see things ticking up a little bit. On the detached side, North Vancouver detached homes went from 35 to 54% so quite an increase in the ratio of buyers to inventory. This is something Jeff is watching as he expects prices are going to continue to trickle up.
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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.