{"id":19581,"date":"2022-03-21T10:10:00","date_gmt":"2022-03-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19581"},"modified":"2022-03-10T08:31:38","modified_gmt":"2022-03-10T16:31:38","slug":"greater-vancouver-is-setting-up-for-intense-spring-housing-market-conditions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/greater-vancouver-is-setting-up-for-intense-spring-housing-market-conditions\/","title":{"rendered":"Greater Vancouver is Setting Up for Intense Spring Housing Market Conditions"},"content":{"rendered":"<p style=\"text-align: justify;\">With February having come and gone, Vancouver\u2019s housing market could be a \u201cbarnburner in March,\u201d marking one of the busiest months in the real estate calendar.<\/p>\n<p style=\"text-align: justify;\">In a monthly sales and listings report for the Greater Vancouver area, broker and chief economist at Dexter Realty, Kevin Skipworth, said that the number of sales and new listings recorded in February could be setting up March for intense market conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cFebruary, with the highest increase in listings in eight months and the fourth-highest home sales for the month in history, set the stage for what should be [a] barnburner in March, traditionally one of the strongest months in the Metro Vancouver housing market,\u201d said Skipworth in the report.<\/p>\n<p style=\"text-align: justify;\">The broker noted that March 2021 saw the highest number of both new listings and sales by month last year, establishing the all-time annual high of nearly 45,000 sales.<\/p>\n<p style=\"text-align: justify;\"><strong>Home sales up 50% from January<\/strong><\/p>\n<p style=\"text-align: justify;\">Across all property types, 3,451 homes were sold in Greater Vancouver during February, up 50% from January and 30% above the region\u2019s 10-year average. However, there were fewer sales during last month than there were a year ago, with 3,852 sales logged in February 2021.<\/p>\n<p style=\"text-align: justify;\">Condo apartments dominated housing sales as the number of units sold year-over-year was up 5% compared to a 24% sales drop for townhomes and a 17% decline for detached properties over the same time period.<\/p>\n<p style=\"text-align: justify;\">Greater inventory choices and lower prices fuelled condo apartment demand, even as supply was down 29% year-over-year in February while some larger new condo projects stalled or have been completely pre-sold, Skipworth said. The benchmark price of a Greater Vancouver condo apartment was $807,900 in February.<\/p>\n<p style=\"text-align: justify;\">Last month, 5,573 new listings were added to the market, more than the 5,191 properties added in February last year. Still, there were 7,062 active listings in Greater Vancouver at the end of February, an all-time low for the month. On average, 251 listings were added a day in February during the first week, rising to an average of 350 new listings a day in the last week of the month.<\/p>\n<p style=\"text-align: justify;\">\u201cSo, barring a huge increase in listings, the start of the spring buying season should continue to see the higher prices and multiple offers that characterize a lack of supply amidst high demand,\u201d said Skipworth.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a townhome was up about 6% \u2013 more than $64,000 \u2013 from January to $1,090,000. There was just one month\u2019s worth of townhome supply across Greater Vancouver in February. By comparison, there was three month\u2019s worth of detached housing in February as the benchmark price hit $2,044,800.<\/p>\n<p style=\"text-align: justify;\"><strong>Rising rates won\u2019t dent affordability too much<\/strong><\/p>\n<p style=\"text-align: justify;\">With home inventory still low and the Bank of Canada now into it\u2019s rate hike cycle, Skipworth doesn\u2019t expect sales this year to top 2021 records. The Real Estate Board of Greater Vancouver (REBGV) predicts total 2022 sales to drop 12.2% from 2021, but prices will climb 8.9% compared to last year.<\/p>\n<p style=\"text-align: justify;\">However, it\u2019s possible that sales levels could go higher over the next two months as purchasers try into a market with historically low mortgage rates, Skipworth explained.<\/p>\n<p style=\"text-align: justify;\">\u201cIn reality, even the most pessimistic forecasts for a Bank of Canada rate increases this year \u2013175 basis points \u2013 will not have much effect on what a buyer can afford,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">For example, the \u200b\u200baverage mortgage amount in Canada is about $371,500, which would equal a $1,485 payment with a variable-rate mortgage of 1.5% and a 25-year amortization. An increase of 175 basis points would raise the same rate to 3.25%, boosting the monthly payment to $1,807, $322 more per month.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the composite home price in Greater Vancouver is expected to rise 0.75% \u2014 an average of $9,000 \u2014 a month during 2022.<\/p>\n<p style=\"text-align: justify;\"><strong>&#8220;Cooling off&#8221; period could confuse spring market<\/strong><\/p>\n<p style=\"text-align: justify;\">In the monthly market report, Skipworth commented on the provincial government\u2019s proposal for a &#8220;cooling off&#8221; period, which may result in fewer listings and delays within the market.<\/p>\n<p style=\"text-align: justify;\">A &#8220;cooling off&#8221; period would be implemented to give buyers an opportunity to reconsider and withdraw their offers. Already, British Columbia real estate boards have voiced their opinion on the matter in a 57-page white paper published by the British Columbia Real Estate Association (BCREA) in late February.<\/p>\n<p style=\"text-align: justify;\">\u201cThe effect would be chaos, with a cascading effect,\u201d said Skipworth. \u201cA seller would not know for a week or so whether the sale was actually going through. If it didn\u2019t, the next buyer would also have a mandatory grace period, and so on.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/03\/greater-vancouver-track-barnburner-march.html\" target=\"_blank\" rel=\"noopener\">March\u2019s Greater Vancouver Housing Market on Track to Be &#8220;Barnburner&#8221;<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With February having come and gone, Vancouver\u2019s housing market could be a \u201cbarnburner in March,\u201d marking one of the busiest months in the real estate calendar. In a monthly sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/greater-vancouver-is-setting-up-for-intense-spring-housing-market-conditions\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19581","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver is Setting Up for Intense Spring Housing Market Conditions &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/greater-vancouver-is-setting-up-for-intense-spring-housing-market-conditions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver is Setting Up for Intense Spring Housing Market Conditions &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With February having come and gone, Vancouver\u2019s housing market could be a \u201cbarnburner in March,\u201d marking one of the busiest months in the real estate calendar. 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