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.
This September’s statistics report comes straight from Adam Chahl. You can read up on September’s insights below to stay up to date on another big month for the market.
With an election behind us, one campaign promise sticks out from Prime Minister Trudeau’s list, and that’s the ending of what is called “blind bidding.”
Something akin to Australia’s “outside the house” bidding, where bids are obtainable pieces of information, will increase transparency surrounding the housing market in Canada.
It remains to be seen if this abolishing of “blind bidding” will sway the prices on the housing market currently.
“With the federal election now behind us, we hope to see governments at all levels work with the construction industry to streamline the creation of a more abundant and diverse supply of housing options,” says Keith Stewart, Economist at Real Estate Board of Greater Vancouver (REBGV).
Adam's Key Observations
The number of sales is pretty constant, while the pricing is still increasing in most areas. What we’re seeing is the lack of inventory supply and the lack of new properties coming onto the market. With the hope that we will see more inventory coming onto the market in the fall, there may be some relief of pressure, and prices in time.
Owners have seen an influx in equity related to their property, and many are taking the opportunity to supplement or replace their entire income by renewing that equity into a new property.
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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.