Once a trend unfolds in the Real Estate market it tends to continue for a significant amount of time. Unlike the stock market, there are not violent moves in either direction on a monthly basis. In other words, the strength in the Vancouver Real Estate market continued in November, following a wave of pent-up demand that began in June. In November, Greater Vancouver home sales jumped 23% year-over-year, recording its highest level of sales for the month since 2015. Meanwhile, inventory for sale declined once again, making this the tightest market since April 2018. It doesn’t take a genius to figure out that rising sales and falling inventory results in higher prices, and that’s exactly what is happening right now. The MLS benchmark price showed a 5.8% increase from last year, and will continue to point higher in the months ahead due to the significant lag in the price index.
Steve is a regular speaker at industry events, hosts an online video series ‘The Saretsky Show’, and authors the popular “Saretsky Report” which is read by over 7000 subscribers.
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