Having a population of 2.4 million, Metro Vancouver is ranked at 34 as one of the best cities. Despite the pandemic, the Vancouver real estate market in Vancouver is booming and everyone is seeing an unexpected rise. It has pushed potential homebuyers into the market. In 2021, the first-time homebuyers who wanted to build equity jumped into the market.
According to the real estate board of Vancouver, the numbers of the real estate market in December saw an increase of 22% stating that the market soared rising to 30,944 in 2020. Besides, the aggregate price of a single-family home rose to 11.5%, and the home sales increased by 52.1% in January. Moreover, the economic conditions are improving, and the markets across Vancouver might climb high.
Detached homes are expected to become high in demand in all the major Canadian cities, including Vancouver. The real estate board says that the number of detached homes sold in December 2020 was 73.1% more than those sold in 2019. This drive-in demand for detached homes is taking new heights as families are now looking for more space and home offices because of the pandemic. And if the pandemic continues the demand could continue in 2022 as well.Great News for Sellers
We have great news as the market will be of sellers this year, and the homeowners looking for downsizing will see a lot of interest in detached homes. This will be mainly due to an increase in demand for more space and low-interest rates.
Hiring the Right Realtor
With the market getting hot and prices increasing with every passing day, it is significant to hire a real estate agent. As the hot mess of information is present everywhere, and you might feel overwhelmed, a professional realtor will help you with the changing market. They assess the history of trends and market by reviewing the recent data. Moreover, they help you navigate, educate and train across the real estate market, so you win.
From helping you understand the market trends, educating you with the ins and outs of the market to finalizing the transactions and paperwork, a realtor can help you with everything.