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Last summer, real estate agents described pent-up demand for detached homes following the pandemic shutdown. They said this trend has been sustained as some buyers who want more space, often because they are now working at home, also have more purchasing power with lower interest rates. Overall, however, they weren’t seeing the dynamics of the boom years of 2015, 2016 and 2017.
Now, some of them are starting to sense a boom.
“The market is really hot right now and it’s not slowing down,” said Vancouver real estate agent Steve Saretsky. “Most of the froth is in the single family housing market. It’s insanely competitive and comparable to 2016. The condo market is much more balanced though, and buyers can take more time to sift through the inventory.”
“Single family inventory for sale is near record lowest on record. If you’re looking for a house under $2m, there’s 1.6 months of supply. That’s insanely tight and is creating bidding wars. People are seeing prices getting bid up, and now there’s a fear of being priced out.”
Marion Chekaluk, co-founder of Ecom Appraisals Inc. said mid-December to mid-January is usually a very slow time of year for the appraisers and lawyers who process real estate transactions.
But in recent weeks, everyone in her office has been “absolutely run off their feet. I’m getting lenders calling constantly. I had three this (Monday) morning, saying ‘a deal is supposed to happen,’ that ‘subjects need to be removed today. And we’re waiting on this report. You saw the property on Friday.’ They’re asking our appraisers not to take a weekend and I’m saying to them, ‘no, you take your weekend. Because if not, you’ll get burned out.”
