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2021

Friday, February 5, 2021   /   by Hans Suhr

2021

2021 has started off with a bang! 

Low inventory continues to be an issue for buyers as we see record lows from 2020 continuing into 2021. 


The Vancouver Island Real Estate Board (VIREB) reports that sales of single-family homes in January increased by 66 per cent board-wide from one year ago but were five per cent lower than in December.


While there is extremely low inventory, demand is high! 


Active listings of single-family detached properties were virtually the same as the previous month (420 compared to 421). There were 212 condo apartments and 95 row/townhouses for sale last month, down nine and 20 per cent, respectively, from December.

Approximately 50% of sales are seeing multiple offer situations which means sells are receiving higher than ask in many instances. 


The British Columbia Real Estate Association (BCREA) does not see the inventory situation improving until more supply comes online later in the year. BCREA and local real estate boards are advocating with policymakers at the provincial and regional levels to encourage streamlining the development process so that municipalities can expand supply more quickly to meet demand.

While it can be a great time to sell, low inventory can be a challenge when buying. Navigating this unique challenge can be overwhelming but having a trusted Realtor guide you through can make all the difference. 
If you are thinking of buying or selling in this market, connect with me and I will help you navigate the process!