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North Vancouver Island Real Estate Market Update for March 2021
The monthly North Vancouver Island Real Estate Market Update for March 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last March in the North Vancouver Island were up 38.20% and up while the average days to sell was -3.13% from last March. The sales over the last 12 months are up by 56.58%, the market is strong.
Single Family Detached homes is really causing upward price pressure. There is only 2.36 months of inventory in homes. The housing market remains strong. For apartments and townhouses inventory is 1.8 & 2.5 months respectively. We have seen significant gains in the latter half of the year.
- Single Family homes sales show rising average prices, the market is active and strong.
- For the North Island, the benchmark price rose to $302,100, a 15 per cent increase over last year.
“It’s painfully clear that attempts to dampen demand have not moderated home prices, so the best route to making housing more affordable, particularly for first-time buyers, is to increase supply, It’s not a quick solution, but it’s the only one that makes sense long-term. And, to do that, we need all levels of government working together.” says Mackay.
- Seller’s Market – In a seller’s market, conditions are favourable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
- Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
- Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favourable, negotiating leverage, more time to search for a home, and better prices.
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