We would expect this time of the year to be somewhat slower as we anticipate the spring listing and sales activity to begin to take shape in March or April. Well, it started a little early this year.
The changes to mortgage rules effective March 18, 2011, most poignantly the elimination of 35 year amortizations for insured mortgages, has created a sense of urgency amongst buyers. This is further punctuated by a slight move upward in the fixed term interest rates, all culminating in strong sales in advance of the spring market.
Across all categories (houses, townhomes, condos) in both Vancouver West and East, we also see a lack of supply. This lack of supply backstopped with strong demand, is seeing prices on the incline. Much to the chagrin of buyers, it is not uncommon to see multiple offers, particularly in the house market. What is interesting, however, is that despite this robust activity, the market is still price sensitive; over-priced listings still have the chance of sitting on the market.
As we approach the biggest sales season of the year (highest sales month for attached condos is generally April; for houses, May), we can expect the amount of listings to increase with more buyers entering the fold as well. Everything is shaping up for a strong spring.
If you or a friend is thinking about buying or selling, I would be delighted to assist. The best outcome is determined not by luck, but by well executed planning. I would be honoured to discuss.