Vancouver Real Estate Market Update For February 2021!

If I had to sum up the market right now I'd say, "It's hot as hell!"  A 52.1% increase from the sales recorded in January 2020 and a 36.4% above the 10-year January sales average. Find out what it all means in this month's market update video.
This is your Vancouver real estate market update for February 2021 and we’re getting into it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.

In today’s video, I’m going to cover what’s happened in the Vancouver real estate market through the month of January. What might be coming that could affect that market and a piece of technology I utilize to make your home selling and buying experience a smoother one.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

If you’re a buyer in today’s market it probably feels like this. And when you’re in multiple offer after multiple offer it can feel like this. Now if you're the seller in today’s market you’re probably feeling like this.

Now of course this isn’t for every area and segment of the market but if I had to sum up the market right now I’d say…

Our real estate market finished 2020 with a bang and we’re off to a flying start here after the 1st month of 2021.
There was a 52.1 percent increase from the sales recorded in January 2020 to those recorded in January 2021 and a 22.8 percent decrease from the homes sold from December 2020 to January 2021.

Last month’s sales were 36.4 percent above the 10-year January sales average.

With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace and this is causing increased competition amongst home buyers and upward pressure on prices. Multiple offers are becoming the norm again particularly with detached family homes.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is down 3.6% compared to January 2020 and down 2.7 percent compared to December 2020.

Shifting housing needs during the pandemic and historically low-interest rates have been key drivers of demand in our market over the last six months. We’ve also seen people who managed to enter the market a few years ago and have seen their home values increase, now looking to move up in the market to accommodate their changing needs.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, down in the description section is a link to a sample report which I send to my clients on a monthly basis. Feel free to review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

There are roughly 300,000 Hong Kong residents who still hold Canadian passports and Canada has cleared the path for their return. These citizens have faced an increasingly hostile government in Mainland China, who recently announced they would have to renounce their Canadian citizenship.

Well, last week the IRCC announced several initiatives to help ease the entry of those looking to move to Canada.

In a statement from IRCC Minister Marco E. L. Mendicino. He said, “The launch of the Hong Kong immigration pathway is a historic initiative that will attract young, talented, and experienced graduates who will help to drive Canada’s economy forward.”

He went on to say, “With flexible open work permits and a fast-track to permanent residency, skilled Hong Kong residents will have a unique opportunity to develop their careers and help accelerate Canada’s economic recovery,” “This is a landmark immigration initiative that will strengthen our economy and will deepen the ties between Canada and the people of Hong Kong.”

This is definitely something that could have a big impact on the real estate market here in Vancouver.

Hong Kong residents have continually moved here over the past few years and if we see a major spike in their relocation to markets like Toronto and Vancouver it will have an impact.

As I’ve stated before, a key factor in determining home price trends this year is going to be the supply of homes for sale.

Demand for housing has been outpacing supply and that has put upward pressure on home prices. Interest rates also continue to remain at historically low levels and Vancouver continues to be a sought after destination for people around the world.

What this means for sellers is that if you’re thinking of selling your home soon it’s probably a good time to list. You do need to ensure you’re priced right for the market though so make sure you reach out to someone like myself for an in-depth market evaluation for your home.

Here’s a case study for you sellers out there. I recently saw a detached home that was listed on the MLS above market value. This home was only on the MLS for about 2 weeks before the owner pulled the listing, fired the agent they had, and hired a new one. This agent listed the home well below market value. They had 12 offers on the property and the Seller netted more money than if they had stuck with their first agent and their game plan.

For buyers, you need to be prepared before you head out looking at homes. Make sure you connect with an agent right away. Doing this will save you not only time but money as well. If you require a mortgage for your purchase, get in touch with your bank or a mortgage broker right away to get a pre-approval in place. The detached and townhouse markets are incredibly hot right now so you need to ensure you have all your ducks in a row so that when you do find the perfect home you can act quickly.

If you need a recommendation for a great mortgage broker, reach out to me and I can provide you with several.

New Technology

With the market so intense right now and multiple offers all over the place, it can be very challenging for agents to get all prospective buyers in to see a home. Most homes are sitting on the market for one week, agents are trying to cram everyone in to showings by appointment over a Saturday and Sunday and then looking at offers on the Monday.

If you’re a seller, you want to make sure your home is seen by as many people as possible. I ensure this with my listings by making sure I use every tool available to market the home.

This means professional photography, a professional floor plan measurement, a high-quality video showcasing the home and its features as well as the surrounding neighbourhood.

I also discuss the best options for my sellers in order to maximize exposure. It might be tempting to show the property over one weekend and then look at offers right away but the chances of you leaving money on the table are quite high. It may be worthwhile to continue showing the home for another 3-5 days and then look at offers.

This is giving the buyers and their agents not only time to view the home but do their due diligence and come prepared to the offer presentation.

Whether you’re planning on buying a home this year and especially if you’re selling your home, you want to have access to the most information and do as much research as possible. My website gives you all the tools you need to do just that.

On my website, not only can you search for homes in any area but you can also search for SOLD listing data for any area as well.

This is incredibly useful for both sellers and buyers. Down in the description below is the link to that functionality on my website. Make sure you check it out.

And If you are thinking of selling your home, be sure to reach out to me and let me show you how I market my listings like they’re an HGTV show and by doing so how I sell my clients' homes faster and for more money.