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2021 Market Outlook

2021 Market Outlook

Welcome to 2021!

Hopefully as the year progresses we will get back to a normal lifestyle. The Real Estate industry, along with everything else, was a bit of a roller coaster in 2020.

The year started out strong through January and February but then the unforeseen COVID protocols and lockdown brought sales to a screeching halt. 
By the beginning of June, buyers were more active again and sales stayed steady through the summer months. As we entered the fall season, sales stayed strong and the inventory of available homes continued to drop to record lows. 

We have seen an influx of buyers from off the Island and there are a number of reasons for this. Many employees can now work from home and the allure of the Island as a safe haven has attracted people wanting to move here. Mortgage interest rates under 1.7% for a five year term makes everything more affordable. There is also a much lower number of listings coming into the market.  

As you receive your 2021 BC Assessment Value it is important to remember that it may not reflect the market value of your property. Assessments are based on the property value as of July 1 of the previous year; many factors can cause variance including market conditions and updates to a home.  If you are considering selling, please contact us for a current evaluation on your property. Your assessment can also be viewed on the BC Assessment website.

 

A few quick single family home statistics: 

 

Comparing 2020 to 2019, the number of listings dropped by 9.95%, and the number of sales increased by 12.88%.

Current active single family listings are at only 110. I consider an inventory in the 400-500 range to be a balanced market.

This has created a tremendous opportunity for sellers. If you are considering selling, now would be a great time.

 

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