Residential Market Update The consequences of the lack of supply… Brought to you by the GREAT SUPPRESSION
Greater Victoria Demand outweighs Supply VIDEO HERE
April pace Slower than Winter Realized a reduction of 58%
July Pent-up Demand 30 Sales per day. ● 26 sales in June ● 14 sales in May
Daily Average: 234 Sales *Greater Van & Fraser Valley Greater Data courtesy of... Vancouver
Pricing & Absorption Lack of Inventory Demand is greater than Supply Absorption: Overall 4.4 ● SFD: 3.4 Months ○ Condo: 6.1 Months ○ Townhouse: 5.3 Months ○ Condos: 1.7% Increase over ● 2019. $529,900 HPI Single Family: 5.7% increase ● over 2019. $910,400 HPI
China’s USA Data courtesy of… Mike Delprete Recovery Recovery
The future... Supply is still a problem Pent-up demand VIDEO HERE Less supply coming Flu season
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