The BC real estate market has seen a lot of momentum lately, but we are seeing that these sales are coming from outside of Vancouver. Most of the demand is coming from the Okanagan and the Fraser Valley. Buyers are looking more and more for detached homes and Vancouver has them to offer.
Around this time of year we would be seeing a seasonal slowing but not this year. The sale of detached homes has been on the rise for the past couple months. With more people working from home and staying at home, people need more space for offices and in their yards.
How Much Did the Sales Rise for November 2020?
MLS’s service posted a 42% increase over November 2019 with the highest recorded home sales coming in at 2,173. This is the highest the Fraser Valley Real Estate Board has recorded for almost a century!
The Okanagan saw a rise of 74% in home sales including the Shuswap and Central North. The Metro Vancouver area saw a modest increase of around 23%. Land seems to be the premium with buyers looking to get more land in the entry level price ranges.
What House Prices Are Looking Like
In Abbotsford, detached homes are priced above $620,000 on average. Buyers seem to be looking for older homes that may be later rebuilt. A Lot of properties are getting multiple offers as a bit of a frenzy seemingly ensues.
There’s not as much demand for luxury homes with Fraser Valley townhouse sales rising about just 51% with apartment sales on a slow rise of 15% over sales in November 2019. The highest demand in Fraser VAlley is being seen for properties that are less expensive and that have more land.
Many realtors find themselves going back to listing strategies and procedures used in 2016 and 2017. They are listing the home and making a set time and date for multiple offers. This is due to the specificity in the demand. So listings are dwindling but buyer demand is still there. The demand is being fueled by historically low interest rates as well.
What About the Condo Market?
The condo market on the other hand is going the other way. There are lots of condos listed with more than 2000 for sale in Metro Vancouver for the month of November. It is expected that once the economy settles and people return to their in person classes and in office jobs, buyers and investors will return for the condos.
Are you in the market for a detached home but can’t seem to find one? Let us help you. Here, at Silver Beam Homes, custom homes are our specialty. Let us know what your needs are, and we can provide you with just what fulfills them better than any home already on the market for sale. Contact us today.