The Vancouver housing market marches on as a seller’s marketing going into 2021, expect prices to rise.
Real estate in the Vancouver maret expects to continue as a seller’s market in 2021. Supply is projected to be steady in the downtown areas, and low interest rates will further impact housing activity. Trends are also pointing to buyers seeking larger properties in suburban areas. The average sales price in Vancouver increased by over 11% to $1,270,000 in 2020 compared to 2019’s average of $1,114,000. Markets are expected to increase in price further in 2021 by an average of 4%.
Where is the demand coming from?
Buyers looking to expand and move up are the current market drivers, where single detached homes are the most popular on the market with these buyers.
Low interest rates are also driving up demand for luxury properties being purchased by foreign buyers, with luxury condos starting at $2,000,000 and luxury detached homes at around $4,000,000.
Top Selling Neighbourhoods
Top selling neighbourhoods for 2020 are continuing to look like they will remain in the top spot going into 2021 as well. Kitsilano, Fairview, and Mount Pleasant top the list as they are well accessed and have great locations.