, according to the Real Estate Board of Greater Vancouver. Judging from reports, the February stats will tell a different story.
There is also likely a “new normal” where interest rates are concerned. Most in the industry acknowledge that the ultra low interest pandemic rates were an aberration. “The real estate market is very much like the stock market. When things are going on that aren’t good, people stop. They don’t buy or sell, they just wait. And they have been waiting since July of last year. It’s been really quiet. Last fall, in October and November, those were not good months. It’s exciting to finally have some good news again, because it was getting depressing for everybody,” says Williams.
The sweet spot are homes in Vancouver and North Vancouver in the $1M to $1.2M range, where there are few listings, says Smith. Her clients lost out on the Fairview townhouse that received eight offers.