February 2011 Kitsilano Real Estate Market Stats

February is here and the Kitsilano housing market is doing precisely what we expected from it. Both the attached (condo/townhome) and detached (houses) inventory levels are on the rise, with buyers finally starting to see a slightly better selection than what we have seen in months past. Sales volume is up slightly in both markets as well, which is typical when comparing to the often slow December. Prices have climbed substantially in the detached market in each of the past two months, with no real sign of slowing down, while the attached market saw prices slip back down after an unexpected spike in December. Multiple offers seem almost common place at the moment for detached homes, while we really aren’t seeing that at all in the attached market.

All indications suggest more of the same for February and March, with general stability prevailing. While the detached market is definitely leaning towards a ‘seller’s market’ at the moment, there are still plenty of good deals to be had in the condo market if you can find the right fit. More selection should improve buying choices in the coming months.

Don’t expect much of an impact from the new mortgage rules announced last week, as their effects will be far more muted than national media coverage would suggest. The new rules really only affect fringe buyers who are trying to push their affordability limits to the brink. For most, and for the market in general, the magnitude of these changes is slight.