We believe the answer is Yes. We have seen a small uptick and while “uptick” is not scientific, often the turn of the market starts with a feeling because by the time it is a proven fact we have moved past the bottom and are headed up.
Here are some of the reasons driving the changing tide in the Single Family Home Market:
- The number of homes available is low and not growing. Check out the inventory graph:
- The number of sales reported are starting to increase (297 single family homes sold in January and 552 sold in February)
- The gap between a family sized townhouse and a single family home is getting very close. When you start analyzing the costs of a townhome with strata fees versus a house with a mortgage helper, the house ends up being cheaper on a monthly basis. This is especially true in Vancouver where prices for a larger townhouse often hits or exceeds the one million mark. This article outlines some of the activities we are experiencing more and more this year.
- Another reason driving change is land use changes happening in several municipalities. Developers are absorbing single family home lots in areas slotted for change
If you are contemplating a home purchase and want to take advantage of our knowledge book a consult at or email email@example.com.