Real Estate sales tend to be seasonal and every local market has its own seasonality based on the local conditions. In the Lower Mainland, we tend to have busy spring markets which start mid-February and run through until late June and busy fall markets beginning after Labour Day weekend and ending mid-November.

With the Olympics in February however, our spring market has started later than normal and now we are gearing up for a very busy April and May. Listings and sales have steadily been increasing for the past several months giving way to a fairly balanced market. The REBGV quoted sale increases of 28% in February over January and 26% in March over February while the FVREB quoted a 23% increase in February over January and 30% increase in March over February. We are expecting this to continue over the next several months as sellers start to list their homes for the spring market and buyers get into their cars and call their realtors to attend the various open houses. In the new home sales department, we are expecting many communities to open and start selling in the next two months and all over the Lower Mainland – from North Vancouver to Abbotsford and everywhere in between. This also includes new communities from well known developers such as Polygon, Cressey Development Group, Amacon, Embassy, Bosa Development Group, Onni, Mosaic, etc.

That means if you are in the market of real estate you better be ready to take advantage of this strong market – especially before interest rates rise. Some notable neighbourhoods which have seen some good activity already and is expected to increase include the Tri-City area with a good selection of homes whether you are looking for single family, townhomes, apartments, new construction or resale. Brentwood has also seen a good amount of activity both with listings and sales and North Vancouver, which has been somewhat quiet in the new construction area for some time, seems to be picking up steam. Regardless of the neighbourhood you are interested in though, this spring looks to be very active and good for both buyers and sellers which is good news for all.

Have a great spring everyone!

Cameron McNeill