Vancouver Real Estate Market Update For May 2021 | Lightning Strikes Again!

April was another one for the record books! Check out the video. And, make sure you use the Moving Waldo app if you're moving soon or planning on moving in the near future.
Lightning has struck again! This is your Vancouver real estate market update for April 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 April, 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.

Alright, let’s dive into it. When I said lightning has struck again it’s because April sales were the highest monthly sales total on record for the month of April. That’s another one for the record books. There was a 342.6 percent increase from the sales recorded in April 2020 to those recorded in April 2021 but that is an unfair comparison given that last April was the 1st full month of the stay-at-home orders here in BC. There was actually a 14% decrease in the number of homes sold in March 2021.

And, last month’s sales were 56.2 percent above the 10-year April sales average and is the highest total on record for the month.

Things certainly have changed dramatically from a year ago when the pandemic brought our housing market to a near stand-still. It did not take long though before we saw a massive spike in homebuyer demand across the region.

In terms of new listings, there was a 232.2 % increase from the number of homes listed in April 2020. Again a very skewed comparison due to the pandemic. There was actually a 4.2 % decrease in the number of homes listed from March 2021 and yet April was still the highest new listing total ever recorded in the region in April. Despite homes now being listed at record levels for several months in a row, more supply is needed to meet today's demand and help market conditions achieve greater balance.

What does this mean if you’re thinking of selling your home? Well, I think it’s pretty clear, now is definitely a great time to sell. If you need to. It doesn’t matter what the market is doing, you should only buy or sell your home if you need to. If you are happy with your current home and it suits all your needs, you probably don’t need to sell it. The same goes for buyers. If you don’t need to buy a home right now. Don’t.

Demand is great at the moment and we are still lacking in supply so, if you’re a buyer, you are most likely going to be in competition with a lot of other buyers.

I asked this question last month and didn’t get many responses from you and I’d like to ask it again because it will help me with research for future content.

The question is, “How has the past year of the pandemic changed the way you think and feel about your current home?” Drop your answers in the comments section below. I’d love to hear them.

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?

We know the stress test is yet again being increased at the beginning of June. The increase will cut homebuyers buying potential by approximately 5%. I know it doesn’t sound like much but in an already heated market where multiple offers are rampant, this could be the difference for some people getting the home they really want or not.

As I mentioned last month, it won’t affect every buyer. But, if you’re looking to make a purchase over a million dollars with 20% down it will affect you. It does not affect you if you are buying a home with less than a 20% down payment or looking to switch your mortgage to another lender if your home value is less than 1M, with an amortization of 25 years or less.

Let’s talk now about the vaccine. I got my first dose of the Pfizer vaccine last week and I couldn’t be happier. I hope you all get out there, do your part, and roll up your sleeves. We are more than halfway through May. Over 55% of people in BC have already been vaccinated and by mid-June, there will be a heck of a lot more. What will this do to the market through the summer?

We will all have been cooped up for the past 15 months at that point. Travel restrictions will most likely ease across the country and the US government is in talks with ours about re-opening the border.

July and August could see a slow-down in activity if many people decide it’s finally time to go on a vacation. My prediction is that is what will happen.

New Technology

One of the biggest headaches aside from buying or selling your home is moving. Yup, once you have decided on that home purchase or you sold your home you now have the monumental task of actually moving.

Well, I’m here to make it much simpler for you. I’d like to introduce you to Moving Waldo. MovingWaldo has been helping Canadians move since 2015, and they are proud to be the go-to destination for families moving in Canada.

Moving Waldo is a moving app that can save you up to 10-hours of paperwork. It helps you organize your move, save time, saves you money, and helps streamline everything about your move because it allows you to book everything under one roof.

Need to get moving boxes? Done. Need to book movers? Done. Need to set up TV and Internet? Done. Need to insure your home, update your address, and connect your utilities? Done, done, and done!

There are also many more features right at your fingertips. The best part is Moving Waldo is 100% free. It’s not a secret, the website revenue comes from the suppliers. When you select an internet plan or complete an insurance quote, MovingWaldo is paid by the suppliers. Everybody wins!

The offers on the platform are geolocated based on your new address. They are exhaustive and displayed to make it easy for you to get the task done and the choice is always yours!

I have not and will never receive anything from Moving Waldo for recommending their platform. I just want to make sure every one of my client’s moves is as stress-free as possible.

Down in the description below is the link to Moving Waldo. I highly recommend using the app if you are moving soon or plan on moving in the near future. 

Here is the Moving Waldo link for you. go.movingwaldo.ca/CVeroni