Monthly Market Update - February 2021

February 2021 Market Update

 
So much news to share ... 
 

The Year of the Ox begins February 12th. Chinese New Year or Spring Festival celebrates the beginning of a new year on the traditional Chinese calendar. The first day of Chinese New Year begins on the new moon that appears between January 21 and February 20 every year. The Chinese New Year is associated with several customs. The evening preceding New Year's Day is frequently regarded as an occasion for Chinese families to gather for the annual reunion dinner. Another custom is the decoration of windows and doors with red paper-cuts and couplets that represent good fortune or happiness, wealth, and longevity. We are coming into the Year of the Ox, those born in the Year of the Ox are known for honesty, dependability, strength, and determination. May your year be filled with good health, happiness, and great prosperity.

 

Valentine's Day is this week! February is the month of love. We wish everyone a Happy Valentine's Day! It's a good time to send love to your family and friends. Support local business - Treat yourself to a lovely dinner of take-out!  

 

Please voice your opinion. We have mixed feelings regarding the City of Vancouver's decision to require permits to park on all Vancouver streets. We have included the link to the City of Vancouver's permit parking survey here (https://shapeyourcity.ca/parking). We urge everyone to click on the link and participate in this important survey by February 28. The outcome will definitely impact your life.

 

The real estate market has quickly become a fast-paced spring market even though it is still winter. All market areas are experiencing balanced or sellers' market conditions. If you are thinking of selling, now is a good time! When selling in a sellers' market, most experienced realtors are able to get you a good selling price. When 'bidding wars' or competing offers are the norm, it is extremely important to have realtors who are experienced, honest, detail-oriented and calm in a fast-paced market to protect your best interests. Keeping clear communication with the client should be the top priority. These are skills Balance Group has honed well. If you are thinking of buying to take advantage of the low interest rates, please consult with us to ensure we can help you get organized to make your best offer. There is an art to drafting and presenting a winning offer in a competitive sellers' market and Balance Group has the experience to help you.

Lastly, a huge thank you to all our lovely clients and friends for helping us achieve the Award of Excellence for 2020! We truly feel very grateful!


Stay safe,

Allyson, Cécile and Jenny



BCREA: Housing market likely to enjoy an exceptional 2021

With Canada's economic recovery and COVID-19 vaccinations each proceeding at a healthy pace, British Columbia's housing market can look forward to an exceptional 2021, according to the BC Real Estate Association.

In its latest Housing Forecast Update covering the first quarter of this year, the BCREA said that the province's residential sales will likely grow by 15.6% to 108,680 units in 2021, before a 9% decline to 98,850 units in 2022.

READ MORE

 

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

B.C. real estate defies pandemic with sales, price growth in 2020

British Columbia's real estate proved remarkably resistant to the COVID-19 pandemic, according to new data from the B.C. Real Estate Association.

The organization released data on the 2020 market Wednesday showing significant growth in both sales and in prices.

READ MORE

 
 

B.C. Real Estate News

BRITISH COLUMBIA

The pandemic housing craze is fueling another boom: reverse mortgages (Global News)

British Columbia Housing Market Set Up for Very Strong 2021 (Business Examiner)

2021 home sales will rival 2016 boom year, says B.C. Real Estate Association (Vancouver Sun)

Pandemic housing boom means affordability is no longer just a big-city problem(Global News)

B.C. home sales up more than 20 per cent in 2020: BCREA report (The Province)

B.C.'s speculation tax helped free up housing for long-term rentals, ministry says (CTV News)

B.C. leads the way as residential building booms in Canada, despite pandemic (CBC)

LOWER MAINLAND

High demand and higher prices for Vancouver real estate in January, says REBGV (CBC)

Why detached home prices in Greater Vancouver have been rising, while condo prices have stayed static (CBC)

Bidding wars are back: Record-setting January for Fraser Valley home sales (CTV News)

Greater Vancouver home sales running far ahead of the same time last year, early data shows ( Business in Vancouver)

WHISTLER & SQUAMISH

Whistler real estate was red hot in late 2020 (Pique News)

VICTORIA & VANCOUVER ISLAND

Average Greater Victoria home price sets new record, surpasses $1.2 million (CHEK News)

Local buyers keep Victoria housing market steaming (Western Investor)

16% boom predicted for B.C. real estate sales in 2021: experts (Victoria News)

High demand, low supply drove up Greater Victoria home prices in 2020 (Saanich News)

Lowest inventory on record plagues Vancouver Island homebuyers (My Campbell River Now)

OKANAGAN

$22 million land sale sets record in Kelowna (Western Investor)

Province rejects West Kelowna's second request to be exempt from speculation tax (CBC)

City of Kelowna buys lakefront property for $5.3M to expand Strathcona Park (Kelowna Now)

‘This year is the record': Okanagan real estate sales hit new high in 2020 (Global News)

 
 

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©2020 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.