The Market Minute returns this month reflecting the changes to the VIREB statistics/Matrix system which we rely on each month.
The Single Family Detached market sector now captures additional property types such as ‘Detached Waterfront’ houses, so the sample size is larger. Looking back, some of the market indicators have been skewed, but overall we continue to provide some insight into the market trends.
The story during this ongoing pandemic is low inventory putting upward pressure on price. There is strong competing interest on some properties. The demand for Hornby Island and Denman Island properties is driven by lifestyle considerations. The actions of this buyer group, often leaving the Big City behind to take up the Island lifestyle, seem to be saying “Stick a fork in me I am done”. The demand for waterfront properties is also very strong.
One other issue driving higher prices is the rapidly rising cost of construction materials.