Housing supply is the biggest factor impacting the market
Metro Vancouver’s housing market in August remained active amongst a continued decline in the number of homes available to purchase. This is creating a huge challenge for buyers and the trend of increasing prices continues to rise.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4% increase from the same month last year but decreased 5% from July 2021.
Last month’s sales were 20% above the 10-year August sales average.
The number of homes available for sale last month decreased 30% compared to the same period last year and dropped almost 9% from July 2021.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver increased 13 percent from same period last year and is currently $1,176,600, up modestly from July 2021.
The benchmark price for a detached home increased 20% from same period last year and is $1,807,100, up modestly from July 2021.
The benchmark price for apartments increased 8% from same period last year and is $735,100, down slightly from July 2021.
The benchmark price for attached homes increased 17% from same period last year and is $952,600, up slightly from July 2021.
Mortgage rates remain stable and are expected to remain as these low levels until late in 2022. Best 5-year fixed rates can be offered as low as 2.15%.
Variable rate mortgages can be offered as low as 1.45%.
We currently have many lenders with money to lend out. Financing highlights as follows:
Large 1st mortgages -$1M+
2nd mortgages up to $3.5M
Fast closings
Pre-construction using current market value
Rural properties including acreages
3 year Reverse Mortgage
Unique property types considered: leasehold, commercial, partial interest, bare land…
NOTE: The low mortgage rate environment, low inventory levels of properties for sale and the steady demand for homes should push prices higher this upcoming Fall season.