We are just starting a new year, with new resolutions and perhaps new goals to achieve.
It is also the best time to find out how the real estate market in Vancouver was developed during 2021 and what is expected for this year 2022.
The past 20 months have been like no other for Metro Vancouver’s housing market. A steady recovery was well underway when the pandemic put the housing market and the rest of the economy into lockdown during March of 2020. This lockdown, however, was short-lived.
As for the first quarter of 2021, residential sales in the Greater Vancouver area were RED HOT at about a 23.9% increase compared to last year.
Also relevant: Post-Pandemic Outlook On Office Space
The inadequate supplies from new construction has created heat in housing markets across Canada as well as the consumer heightened interest in low-density housing due to COVID-19 is going to be a sustained pressure on detached homes pricing, that we’ve seen a 10% increase in housing price compared to Q1 2020.
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