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April 2021 Edition

Hi <<First Name>>,
As I'm reading numerous economic reports that dissect the strength of Vancouver's real estate market activity, I can't help but think about when policymakers will step in to regulate our housing market before prices skyrocket to the moon! 🌝 Another month of fierce competition for housing 🔥🔥

Last Month's (March 2021) Market Activity
Prices: MLS Home Price Index benchmark price across all residential properties in Greater Vancouver is $1,123,300. Prices increased +9.4% 
compared to Mar 2020 and 
+3.6% compared to Feb 2021.
+126.1% from March 2020 

+53.2% from February 2021

+72.2% above the Mar 10-year sales average Highest monthly sales ever recorded in March!

Click here for the March 2021 Greater Vancouver Stats Package
New Listings
+86.8% from March 2020

+64.2% from February 2021

Average days on market: all home types took 
less time to sell. Single family homes were 2 weeks quicker to sell, while townhomes and condos sold 3 and 5 days quicker respectively compared with last month!
Mini Video Update 😉
The huge wave of new listings that came to market in March 2021 did little to to absorb home buyer demand! March had only 1.63 months of home inventory remaining!
Taming the Canadian Housing Fire 🔥 (BMO Economics)
BMO Economics released a special report recently suggested that policy makers step in to cool the housing market with a breakdown of potential measures. Some of these included "implementing an offer system that eliminates blind bidding in real estate transactions" and "end the exemption of principal residences from capital gains taxes." Article HERE.
What are some measures from the list that you think should be introduced? 
Presales Show No Signs of Slowing Down 🌬️
Pre-sales sold much quicker than any anticipated.  In fact, so quickly that when JINJU by Anthem Properties in West Coquitlam started selling their one-price program 2 weeks ago, they got 800 requests within minutes for units in the 19th-29th floors 😲.  The presale market shows no signs of slowing as new townhouse developments have line ups for days outside so people can secure a unit (Article HERE). Other projects that sold fast:
Concord Metrotown (Burnaby): sold out first phase in weeks!
Tailor by Marcon (Burnaby): 80% sold for 1 bedrooms before released to the public. Now completely sold out as of 2 weeks ago!
Telford on the Walk (Burnaby): released units sold out in weeks! Two weeks ago when I checked, all released units under $900,000 were sold.

Talk to me if you want to get VIP access to specific projects or exclusive off-market listings!
Food for Thought 🍲🤔: Bitcoin to Grow CRF funds?

Have you ever wondered how a strata's Contingency Reserve Fund (CRF) gets invested? The CRF is where your monthly strata fees go and it acts as a savings pool to cover day-to-day expenses like utilities, regular maintenance, and large future repairs like roofing and piping! Many CRFs are invested in GICs at a big bank accruing less than 1% in interest. However, a Regina strata corporation spent $25,000 in their CRF on acquiring Bitcoin!! Do you think your strata should be investing your CRF funds into other assets? Article HERE
Important Reminders 

April 30: Personal Tax Deadline
*If you have uncomplicated taxes, use to file your taxes for free!
Mortgage Update

5 year fixed: 2.09%
5 year variable: 1.35%
Thank you for reading!
Let me know what your thoughts are on Vancouver's real estate market. What do you think policymakers should do to address soaring home prices?
Hope you found this month's issue useful. As always, I'm happy to answer any of your questions or if you'd simply like to chat real estate ☕. 

Cari Mai
Copyright © 2021 Cari Mai Real Estate, All rights reserved.

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