As expected, March showed further growth in activity as we near the peak of the Spring market, continuing a rising trend that started in January. Active listings in both market segments rose further, though the growth was not as great as the previous month. Sales activity was also up in both segments. Median pricing bounced back after a deceiving dip last month, but is still below the peaks we saw a few months ago.
Interestingly enough, for a time in the Kits market that is typically very active, we actually saw more activity on the Eastside and North shore this month, which I believe is representative of people finally starting to feel like the value you get for your money in those locations is a necessary trade-off. Kitsilano will always be a desirable neighbourhood, but continued decline of affordable in the neighbourhood is certainly driving some people away.
The next two months should display a further upswing in Buyer activity, with many looking to use the 2.99% mortgage rates that are locked in for the next 90 days. From there, I expect the market to flatten out over the Summer and likely the rest of the year.
Last modified: April 11, 2012
