faithwilson | Christie’s International Real Estate’s exclusive and comprehensive Vancouver area Market Analyses for October 2021 have arrived.
Moving up is the smart direction today
Metro Vancouver is now experiencing unprecedented market conditions, unique not only to this region but rare in the history of residential real estate. Home prices are accelerating, yet listings of homes for sale are at shockingly lows and continue to decline.
This has created a stupendous, perhaps historic opportunity for a certain calibre of homebuyer.
In October the total number of homes for sales fell to just over 8,000 properties. This is down 35.3 per cent from a year ago and 13 per cent below just a month earlier. This is the lowest level of inventory recorded in the region in at least 30 years.
In a typical, active market Metro Vancouver would have more than 12,000 homes available for purchase each month. While sales have slowed from the frenetic pace earlier this year, October sales remained 22 per cent above the 10-year average, while the composite home price is up 20.5 per cent from last year and continues to increase by more than 1 per cent every month.
This has created a perhaps unparalleled seller’s market.
Yet there is one residential sector in Metro Vancouver where there is no shortage of homes, where it is a buyer’s market and where the potential for price appreciation puts the rest of the market and the rest of the country in the shade.
The luxury home market.
In Metro Vancouver, the luxury home market starts at around $4 million , or approximately twice the average price of a detached house.
The City of Vancouver alone now has 938 homes for sale priced at $4 million or more. There are 235 in West Vancouver; two dozen in Burnaby; and North Vancouver has more than 50 homes listed at $5 million or more.
In an October survey of 28 major cities across North America by the U.S.-based Institute for Luxury Home Marketing, Vancouver was the only city recognized as a “buyer’s market” for luxury homes. The Institute pegged the median luxury asking price in the city at $4.5 million.
As a reminder, a buyer’s market “indicates that buyers have greater control over the price point.”
faithwilson Christie’s International Real Estate is experienced in the buying and selling of luxury homes and has earned international respect and contacts. We recognize that Metro Vancouver, right now, represents perhaps the best opportunity in the world for bold buyers of luxury homes.
With an envious economy fueled by high-technology and commodities, Metro Vancouver is just beginning its ascension to the pinnacle of residential value in Canada. Astute top-tier buyers will enjoy the ride.