Hello this is Sandra Solomon with Sutton 1st West Realty
It's time for the monthly real estate market update
Let's take a look at the data
In February 2022, total sales in Metro Vancouver were 3424, It's 49.8% more than January 2022
Active listings were 6742, 19.1% more than last month
M.O.I was 2 months, very low
indicating that now it is still seller's market
As I just mentioned, if M.O.I is lower than 4 for consecutive months,
it represents that the benchmark price will keep increasing.
The price for February was $1.313M, 4.6% higher than last month.s, it means that prices will go up.
For sales, 1010 single-family homes were sold, 62.4% higher than last month
560 townhouses were sold, 60.9% higher than last month
1854 condos were sold, 41.0% higher than last month
Sales increased for all property types
For active listings, there are 2890 for single family houses, 871 for townhouses, 2981 for condos
Active listings for townhouses and condos drastically increased
From what I see in the market, many townhouse owners would like to upscale their property to a single-family home.
As the price for townhomes has increased a lot in the last year, now would be the time to upgrade.
For the Sales to active listings ratio
As a whole, the sales to active listing ratio for Metro Vancouver was 50.8%
Indicating that on average, one was sold for every two listings, meaning that it's a hot market
For the sales to active listings ratio for different property types, single-family homes was 34.9%, townhomes was 64.3%, and condos was 62.2%
Indicating that townhomes and condos had more sales, properties are sold at a faster rate
Comparatively, sales for single family homes was slower
I would like to share what I recently saw in the market
For those who have watched my market update video you should know that
in the past months I kept saying that the pre-construction market has been doing really great
How great is that
Let's take a look. There was a new project launched in Burnaby recently
SOLO 4. The public sale was at 12PM on a Saturday
But the morning before that day, buyers started to queue in front of the sales center
They planned to queue overnight!
But the developer thought the situation was a little bit out of control, and decided to give out queue number instead
The first 10 buyers were able to get a queue ticket
And were ask to go back to the sales centre at 9AM on the next day
This shows the situation in the pre-construction market
For SOLO 4, 2 bedroom units on upper floors were sold for around $130M
1 bedroom units on mid to low floors were sold at around $85K
Let me share another project, The Keary in New Westminster
The building has around 200 units in total but the developer received 2000 home request forms
Showing that the pre-construction market is doing really good, and of course, so many people were not able to purchase a unit.
And I would like to congratulate my clients who were able to purchase a home at The Kenry
The previous weekend, mortgage broker Frankie and I held a seminar regarding how to sell a property and then buy another less expensive property in order to purchase an investment property.
The response was really good and we had to cut off the registration earlier as there were limited seats
After the seminar, we gave our clients one-on-one consultations
and provided them with more information regarding refinancing and changing properties.
Frankie and I were able to provide a customized solution for their situations
We will be holding more seminars in the future. So stay tuned!
If you have any questions regarding the real estate market, you are welcome to fill in the form
And I will get back to you
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See you next time, bye bye見