Vancouver Real Estate December 2020: Low Inventory

Vancouver Real Estate December 2020: Low Inventory

Vancouver Real Estate for December 2020 was 2.8 per cent below the region’s 10-year sales average. Of course, with the rise of the pandemic, many markets and economic changes took place.

“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify. The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs.”

Colette Gerber, Real Estate Board of Greater Vancouver Chair

In 2020, the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 home listings. Comparing the 2020 home listings total to 2019 and 2018, there is an increase from both years. A 4.6 per cent and 1.3 per cent increase, respectively. 2019 had a total of 51,918 homes listed. 2018 there were 53,614 listings.

When comparing last year’s total listings to the to region’s decade-long average, the numbers show a 2.7 per cent decline.

Even with the shift in the COVID-19 environment for real estate, both the local home buyer demand and seller supply was able to return to its steady pace for summer, fall, and winter.

“Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”

Colette Gerber, Real Estate Board of Greater Vancouver Chair

The year 2020 ends with a total of $1,047,400 for MLS® HPI composite benchmark price for all residential properties in Metro Vancouver. In comparison to December 2019, it reveals a 5.4 per cent increase. Townhomes saw a similar increase from benchmark prices compared last year; at 4.9 per cent. While apartments saw the smallest increase at 2.6 per cent, detached homes revealed the largest increase in benchmark price at an increase of 10.2 per cent.

December Summary

REBGV reports that regional residential home sales totaled 3,093, depicting a 53.4 per cent increase when compared to sales total in December 2019, which amounted to 2,016. In comparison to November 2020, where the total of homes sold was 3,064, there is an increase of 0.9 per cent.

December continues to be record high

Last month in November, the sales were 57.7 per cent above the decade long December sales average. It also happens to be the highest total for the month on record.

Gerber states that “Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,”

MLS® in Metro Vancouver reported a total of 2,409 detached, attached, and apartment properties newly listed for sale in December 2020. This signifies a 51.7 per cent increase when compared to last year, with 1,588 homes listed in December 2019. When compared to the 4,068 listed homes in November 2020, it shows a 40.8 per cent decrease.

Home Listings

Currently, the total number of homes listed for sale through the MLS® system in Metro Vancouver is 8,538. This results in a 0.8 per cent decrease compared to December 2019, with 8,603 homes listed. This also shows a 23.2 per cent decrease compared to November 2020, with 11,118 homes listed.

The sales-to-active listings ratio for December 2020 is 36.2 per cent for all property types. When we look specifically into each property type, the detached homes ratio is 35.2 per cent, 50.4 per cent for townhomes, and 33.1 per cent for apartments.

Typically, analysts agree that a downward pressure on home prices are occurring when the ratio falls below 12 per cent for an elongated time, and upward pressure on home prices can be experienced when it reaches and surpasses 20 per cent consistently over the course of a few months.

Detached Homes

Detached home sales in December 2020 reached 1,026. This illustrates a 71.3 per cent increase from recorded sales of 599 in December 2019. $ 1,554,600 is the benchmark price for detached homes. This shows a 10.2 per cent increase when compared to December 2019. And a one per cent increase when compared to November 2020.

Apartments

In December 2020, apartment sales reached 1,474. This is a 40 per cent increase when compared to the 1,053 sales from last year. Apartment property benchmark price is $676,500. A 2.6 per cent increase is evident from December 2019, and there is no change when compared to November 2020.

Attached Homes

The attached home sales totalled 593 in December 2020. This total is a 62.9 per cent increase in contrast with the 364 sales in December 2019. Attached homes have the benchmark price of $813,900. This represents an increase of 4.9 per cent increase from December 2019 and a 0.1 per cent decrease in comparison with November 2020.

Check out our real estate tools and maps to find your next home!

See REBGV’s December 2020 statistics here.

Vancouver Real Estate November 2020: Demand Continues

Vancouver Real Estate November 2020 Outpacing Norms and Averages

November 2020 Vancouver Real Estate Market has Recorded Sales

The continued 2020 demand for real estate in Metro Vancouver continues to surge above past averages, with November sales surpassing 3,000. The numbers for real estate in Vancouver confirm to rise above the norms and averages. The last time this event took place, was back in 2015.

The Real Estate Board of Greater Vancouver (REBGV) reported 3,064 sales for November 2020. Compared to last November, a 22.7 per cent increase from the 2,498 sales recorded. In comparison to October 2020’s 3,687 homes that were sold. It is a 16.9 per cent decrease.

November 2020 Vancouver Real Estate Insights

In comparison to the 10-year November sales average, last month sits at 24.6 per cent above the average. It is the second highest total in this period.

“Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.”

Colette Gerber, REBGV Chair

Vancouver Real Estate Listings in November 2020

The Multiple Listing Service® (MLS®) reported Metro Vancouver Real Estate had 4,068 listings in November 2020. These listings included detached, attached and apartment homes.

The November 2020 listings represents a 36.2 per cent increase when compared to November 2019. In contrast, November 2019 had 2,987 homes listed. The number of listed homes in November represents a 27 per cent decrease compared to October 2020. October had 5,571 homes listed.

The MLS® system currently in Metro Vancouver has 11,118 homes listed for sale. Last year had 3.2 per cent less homes listed. November 2019 had 10,770 homes listed. Compared to October 2020, there is a 10.5 per cent decrease with 12,416 homes listed.

November Vancouver Home Listing Insights

“The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.” 

Colette Gerber, REBGV Chair

November 2020’s sales-to-active listings ratio is 27.6 per cent, inclusive of all property types. The ratio for detached homes is 27.9 per cent, townhomes are 40.1 per cent, and apartments are at 23.9 per cent.

Analysts agree that downward pressure on home prices will occur when the sales-to-active ratio is below 12 per cent for a certain period of time. Home prices will typically experience upward pressure when the ratio is above 20 per cent over the span of several months.

Sunshine Coast Demand

Sunshine Coast had the largest increase in year-over-year demand. This demand translates to 106 home sales in November 2020, a 82.8 per cent increase compared to November 2019, with only 58 home sales.

Gerber states that, ” While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish.” This is rise is accredited to work-from-home arrangements and current physical distancing policies.

Real Estate Sales in November

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties is currently $1,044,000. This number shows a 5.8 per cent increase compared to November 2019, and 0.1 per cent decrease compared to October 2020.

Sales of Detached Homes in Vancouver

In November 2020, detached home sales reached 1,061. This is a 18.6 increase from the 825 sales in November 2019. $ 1,538,900 is the benchmark price for a detached home. This shows a 9.4 per cent increase compared to November 2019, and a one per cent increase compared to October 2020.

Sales of Apartment Homes in Vancouver

Apartment home sales totalled 1,371 in November 2020. This is a 12.2 per cent increase compared to the 1,222 sales from November 2019. $676,500 is the benchmark price of apartment homes. This benchmark price shows a 3.4 per cent increase from November 2019. When compared to October 2020, the benchmark price has a one per cent decrease.

Sales of Attached Homes in Vancouver

Sales of attached homes in November 2020 totaled 632. November 2019 had sales of 451, this is a 40.1 per cent increase. The benchmark price of attached homes is $ 814,800. This benchmark price represents a 5.6 per cent increase compared to November 2019, and a 0.2 per cent increase compared to October 2020.

Curious to see how October 2020 compares? Click here.

See Real Estate Board of Greater Vancouver’s November 2020 statistics here.

What is happening with Vancouver Real Estate October 2020?

Vancouver-Real-Estate-October-2020

October 2020 continues to see record levels of activity for Greater Vancouver Real Estate.

Increases in real estate sales in Vancouver for October 2020

A total of 3,687 homes were reported sold by the Real Estate Board of Greater Vancouver for October 2020. A 29% increase compared to October 2019. October 2019 had 2,858 sales recorded. Sales also increased by 1.2% compared to last month. September 2020 reported 3,643 sales.

Also 2020 had the 2nd highest October Average. Sales were 34.7% higher than the 10-year average for the month of October.

Greater Vancouver Real Estate had Less New Listings for October 2020

October 2020 had 5,751 homes newly listed. 2020 had more new listings compared to October 2019. October 2019 had 4,074 homes newly listed. 2020 had a 36.7% increase compared to October 2019.

However when compared to September 2020, there were less listings. September 2020 had 6,402 listings. Compared to October 2020, this is 13% less.

Inventory was less compared to September 2020

The Multiple Listing Service® (MLS®) has 12,416 homes currently listed for sale. An increase of 1.5% compared to October of last year. October 2019 had 12,236 homes on the market.

Compared to September this is a 5.2% decrease. September 2020 had 13,096 active listings.

Vancouver Real Estate was in a Seller’s Market for October 2020

All Greater Vancouver real estate products were in a seller’s market for October 2020. The overall sales-to-active listing ratio was 29.7%. Detached homes had a ratio of 30.9%. Townhomes were at 43.5%. Apartments had a ratio of 24.9%.

Townhomes and detached houses have become more desirable to potential buyers. As more people work from home, large spaces become more attractive. However barriers to entry are still quite high for first-time home buyers to get into a detached home or townhouse. Condos continue to be more feasible for first time home buyers.

Detached Homes

Detached housing had 1,335 sales for October 2020. An increase of 42.3% compared to October 2019. October 2019 had 938 detached sales.

Detached homes had a benchmark price of $ 1,523,800. A 1.1% increase compared to September 2020.

Condos

Condos had 1,570 sales compared to October 2020. A 13.4 per cent increase compared to the 1,384 sales in October 2019.

Condos had a benchmark price of $683,500. Compared to September 2020 the benchmark price is almost identical.

Attached Housing

Attached homes sales had a total of 782 for October 2020. A 45.9 per cent increase compared to October 2019. 2019 had 536 sales.

Attached homes had a benchmark price of $813,000. A small 0.4 increase compared to September 2020.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for October 2020.

To see last months blog as well as other posts click here!

Buying and Selling Vancouver Real Estate September 2020

Greater-Vancouver-Real-Estate-September-2020

It was a busy market for Vancouver real estate in September 2020.

September 2020 Vancouver Real Estate Has Record Amount of Sales

A total of 3,643 residential homes sold in Vancouver. The Real Estate Board of Greater Vancouver reported a 56.2% increase in sales for September 2020 compared to September 2019. By comparison to last year, September 2019 had a total of 2,333 sales recorded.

Similarly September 2020 also had more sales than August 2020. The previous month had 3,047 sales.

In addition September 2020 real estate sales beat the 10-year average for Vancouver for the month of September. September 2020 had the highest sales for the month average.

Number of Listings Increased for September

There was also an increase in listings for the month. September 2020 had 6,402 newly listed residential properties for the month. In comparison to September 2019 this was a 31.6% increase. September 2019 had 4,866 homes newly listed on MLS®.

Compared to August 2020 this is a 10.1% increase. August had 5,813 homes listed.

Inventory is Growing

September 2020 had 13,096 active homes listed. This is a 2.3% increase compared to August 2020. August’s total was 12,803.

However this is smaller compared to September of last year. In comparison September 2019 had 13,439 active listings.

September 2020 Vancouver Real Estate was a Seller’s Market

A seller’s market as defined by the real estate board is when the sales-to-active ratio is above 20%. The detached market had a ratio of 28.3%. Similarly condos had a ratio of 24.8%. Finally townhomes had a ratio of 36.1%. Altogether the ratio for all properties was 27.8%.

Detached Sales

September 2020 had a total of 1,317 sales. A 76.8% increase compared to September 2019. The benchmark price for a home in September 2020 was $1,507,500.

The number of sales increased by 1.1% compared to August 2020.

Condo and Apartment Sales

In comparison there were 1,596 sales for apartments. September 2020 surpassed September 2019 by 36.9%. The benchmark price for a condo was $683,500.

Sales decreased by 0.3% compared to August 2020.

Attached Home Sales

Attached properties also surpassed September 2019. Townhouses and Duplexes are some examples of attached homes. September 2020 had 730 attached sales. A 73% increase compared to September 2019. The benchmark price was $809,900.

Sales increased by 0.4% compared to August 2020.

Click here to see the full stats!

Click here to see our other blog posts!

July 2020 Vancouver Real Estate Summer Market Up

July-2020-Vancouver-Real-Estate

The Greater Vancouver real estate market sees a hot summer market for July 2020.

The Real Estate Board of Greater Vancouver Reports Increased Sales for July 2020

Just like the month previously, Vancouver’s real estate market continues to see an increase for July. The Real Estate Board of Greater Vancouver (REBGV) reported a total of 3,128 home sales for July 2020. A 22.3% increase compared to July 2019. July 2019 had a total of 2,557 homes sold. As well as a 28% increase compared to the 2,443 homes that sold June of this year.

The sales for July 2020 were above the 10-year July sales average.

Vancouver Real Estate Sees an Increase of Listings for July 2020

July 2020 had a total of 5,948 new listings on the MLS® system. The number of new listings surpasses July 2019. In comparison, July 2019 had 4,613 homes listed.

Compared to June 2020, July had a 2.8% increase. June 2020 had a total 5,787 homes listed.

Active Listings Continue to Increase Compared to June

Similarly active listings continued to increase for July when compared to June 2020. July 2020’s Vancouver real estate market had a total of 12,083 active listings. Compared to June 2020 this is a 5.8% increase. June 2020 had a total of 11,424 active listings.

Compared to July 2019 this is a 15.1% decrease. July 2019 had a total of 14,240 listings.

A Seller’s Market for all Property Types in Greater Vancouver

Greater Vancouver saw all real estate enter a seller’s market for July 2020. Overall the real estate market had an active to sales ratio of 25.9%. Similarly the ratio for detached homes was 25.1%. Town homes had a ratio of 31.1%. Apartments had a ratio of 24.7%.

The Benchmark Price for Homes in Metro Vancouver sees Slight Increase

The benchmark price for all residential properties in Metro Vancouver was $1,031,400. Compared to July 2019 this is a 4.5% increase. This is a 0.6% increase compared to June 2020.

Detached homes had a benchmark price of $1,477,800. While apartments had a benchmark price of $682,500. Townhouses had a benchmark price of $797,000.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for July 2020!

If you’d like to see last month’s write up, click here.

Photo by Danica Stradecke on Unsplash

Vancouver Real Estate June 2020 Sees Increased Sales

Vancouver-June-2020-Real-Estate

Vancouver Real Estate for June 2020 sees Increased Movement

June 2020 sees buyers and sellers more active in the real estate market for Vancouver. Home sales and listing activity return to typical historical levels. The Real Estate Board of Greater Vancouver reported that residential sales in the region reached a total of 2,433 in June 2020. Comparing this to last June, this was an increase to June 2019’s 2,077 sales.

Vancouver buyers and sellers are becoming more comfortable moving forward on purchases and sales. This is a huge difference compared to the start of the COVID-19 restrictions. Compared to last month, the numbers of solds have increased from May 2020’s 1,485 homes sold.

June 2020 Vancouver Real Estate Sales-to Listings Ratio

In continuing with the increased sales as mentioned above, it goes without surprise that Vancouver’s overall state is in a seller’s market. For all property types the sales-to-active ratios for June 2020 is 21.4%. Some analysts say upward pressure on home prices can occur when the ratio goes above 20% for several months.

Detached homes had a ratio of 19.9%. Putting detached homes in a high balanced market. Townhomes had a ratio of 25.2%. While condos had a ratio of 21.3%. This means that June 2020 is a seller’s market for attached homes.

Vancouver West’s June 2020 Real Estate Market

Detached

There were a total of 487 active listings for Vancouver West in the month of June. Out of the 487 homes, 78 of them sold. The benchmark price for detached homes was $3,076,700. Detached homes on the Westside had a sales-to-active ratio of 16%. This shows that the detached Westside is in a balanced market. Homes took an average of 58 days to sell.

Condo

Meanwhile on the Westside condo market there were a total of 1,465 active condo listings for the month of June. A total of 282 homes sold. This means that the active-to-list ratio was 19.2%. Showing a high balanced market. The benchmark price for condos was $789,300. Overall condos took an average of 26 days to sell.

Vancouver East’s June 2020 Real Estate Market

Detached

When looking at the Vancouver Eastside real estate market for June 2020, detached homes are in a sellers market. There were a total of 443 active listings and 105 sales. Unlike on the Westside the active-to-sale ratio was 23.7%. Overall the average days on market for detached Eastside homes was 26 days. The benchmark price for detached homes was $1,459,100.

Condos

Similarly condos on the Eastside were also in a seller’s market. June saw a total of 442 active listings and 130 sales. Although condos were in a much higher seller’s market with a ratio of 29.4%. Also similar to the detached market, condos took 26 days to sell. The benchmark price for June was $588,400.

North Burnaby’s June 2020 Real Estate Market

Detached

Also the detached market for North Burnaby was in a seller’s market. This means there was a total of 31 sales and 112 active listings. Bringing the active-to-sold ratio to 27.7%. Overall homes on average took 24 days to sell. The benchmark price for June 2020 was $1,488,200.

Condos

Condos were also in a seller’s market with an active-to-sold ratio of 22.1%. Unlike the detached market homes took longer to sell with the average being 39 days. The condos benchmark price was $605,500. There were a total of 285 listings and 63 sales.

Burnaby South’s June 2020 Real Estate Market

Detached

Unlike Burnaby North, Burnaby South is in a balanced market. There were a total of 165 detached listings and 24 sales. The ratio for actives-to-solds was 14.5%. Homes on average took 32 days to sell. Although the benchmark price of homes was higher compared to Burnaby North. Burnaby South’s benchmark price was $1,559,300.

Condos

Condos in Burnaby South were also in a balanced market. June saw a total of 310 active listings and 57 sales. The days on market average was 35. Condos in South Burnaby also had a higher benchmark price of $670,500 when compared to Burnaby North.

For the June 2020 stats provided by the Real Estate Board of Greater Vancouver click here.

And for last month’s market update click here.

Photo by Himanshu Chanan on Unsplash.

May 2020 Sales increase for Greater Vancouver

Greater-Vancouver-May-2020

May 2020 begins to see sellers and buyers feel more comfortable in the real estate market with increased activity.

Activity for May increases compared to April 2020

A total of 1,485 homes sold in May 2020. This shows a 33.9% increase compared to April’s 1,109 sold properties. Sellers and buyers are becoming more comfortable moving forward in the market.

Benchmark Price remains relatively unchanged for May

Although home sales and listing activity is down compared to the 10 year May average, home prices remain steady. The Benchmark Price is based of the estimated sales price of a typical property within each market. April 2020’s benchmark price of homes in Greater Vancouver was $1,036,000. The benchmark price for May 2020 was $1,028,400.

Inventory increases giving buyers more selection

Inventory has decreased since May of last year. However a total of 3,684 detached, attached and apartment properties were listed for sale in Metro Vancouver for May 2020. This is a significant increase of 59.3 per cent compared to April 2020’s 2,313 homes that were listed.

The market remains balanced across all properties

The percentage of sales-to-active listings ratios for all properties in Greater Vancouver was 15%. The detached ratio was 13.5%. Townhouses were at 18.9% and condos were at 14.8%. According to some analysts, downward pressure on home prices occur when the ratio falls below 12% over extended months. While upward pressure can occur when the ratio goes above 20%.

Sales increase in Vancouver & Burnaby

On the Westside of Vancouver, there were a total of 264 sales for May. In April, the Westside had a total of 195 sold homes.

East Side Vancouver sold 165 homes in May, while April’s sales for East Vancouver totaled 120.

Burnaby had a total of 160 sales for the month of May. In the month of April 2020 Burnaby had a total of 107 sales.

To see the full Real Estate Board of Greater Vancouver’s stats package for May 2020, click here!

Click to read our April 2020 market update!

April 2020 Decreases in Sales But Prices Steady

April 2020 Vancouver Burnaby Market Update

After one full month of BC’s shutdown due to the COVID-19 crisis, the numbers for April 2020 may surprise you.

Lower Number of Sales for April Average

According to the latest stats package from the Real Estate Board of Greater Vancouver, the sales for April 2020 was the lowest the month has been in 10 years for the April sales average. This April was 62.7% below the 10-year April sale average. This is the lowest this month has been since 1982.

The number of sales and listings declined. This was not unexpected due to COVID-19.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said.

April 2019 had 586 detached sales recorded. Detached sales for April 2020 totaled 338. A 33.8% decrease compared to the same time last year.

There were a total 503 sales of apartments in April 2020. A 43.2 per cent decrease compared to the 885 sold homes in April 2019.

Attached homes in April 2020 had a total of 218 sold. A 39.1 per cent decrease compared to the 358 sales in April 2019.

Home Prices in April 2020 Remained Balanced

The benchmark price of detached homes was $1,462,100. An increase of 0.8% compared to March 2020.

Apartments had a benchmark price of $685,500. Compared to March 2020 this is a 0.2% decrease.

Attached homes had a benchmark price of $796,800. A 0.6% increase compared to March 2020.

Markets like Burnaby South and East Vancouver actually increased in benchmark pricing.

New Ways to Market your Home

Our goal as REALTORS® is to use the latest technology to market your home safely. Using technology like Matterport allows buyers to virtually walk through the home.

Click to see how we used Matterport to showcase a North Vancouver townhome.

Depending on the home, we also use doll house floor plans to give potential buyers a feel of the house.

Dollhouse Floor Plan provided by Optimum Floor Plans.

Providing buyers with as much information before a showing can helps buyers make informed decisions.

For the latest stats from the Real Estate Board of Greater Vancouver, click here.

Click here to see what happened last month.

March 2020 Starts Strong but Adjusts to The New World

March 2020 Robson Street

According to the Real Estate Board of Greater Vancouver (REBGV), March 2020 home sales increased compared to last month’s.

In February, Metro Vancouver saw a total of 1,727 sales. March sales increased by 17.4 percent, jumping to a total of 2,524 sales.

Last year in March, there were only 1,727 sales. Sales have increased by 46.1% when compared to last year.

Multiple offers were more common March 2020

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” said Ashley Smith, REBGV president.

It was not uncommon to see homes sell above list price, giving more purchasing power to sellers.

Condos, single-family homes and attached properties were all in a seller’s market for the month of March.

Compared to March of last year, the detached market increased by 61.1%. Condos in Greater Vancouver increased by 35.1%. March 2020 attached sales increased by 51.7% when compared to last year.

The Effects of COVID-19 towards the end of March 2020

REALTORS® were named an essential service by the Minister of Public Safety and Solicitor General.

During this crisis no open houses are allowed, this is to help with the prevention of the Coronavirus. Although business is still open for agents, this is not business as usual.

Sales saw a decrease for the last few weeks of March 2020

The number of Daily residential sales for the first ten business days of March were 138 on average. In the final ten business days of March 2020, the daily average declined to 93 sales. We’ll have to wait and see the effects of COVID-19.

To see the latest statistics for March 2020 from the Real Estate Board of Greater Vancouver, please click here.

Check out our blog post regarding the Coronavirus (COVID-19).

Special thanks to Tomas Williams for the beautiful photo of Robson.

Coronavirus (COVID-19) and the Effect on Vancouver’s Housing Market

In short, no one has a concrete answer the effects of the Coronavirus (COVID-19). The last few months for Vancouver have seen a huge pick-up in sales but will that continue? There are numerous changes happening in the industry. Only time will tell how the Coronarvirus affects the industry.

What economists are saying about the effects of the Coronavirus?

RBC economics suggest that the hot market from Vancouver may cool down due to the Coronavirus. Despite the Bank of Canada reducing interest rates by 50 basis points.

“The world has changed in March,” Robert Hogue, a senior economist from RBC, writes.

“We are coming to the view now that because of the virus and the meltdown in financial markets… We will mostly likely see a decline in buying activity through at least parts of the spring market, and maybe even going into the summer market.”

Hogue believes that self-isolation and the lack of movement due to the Coronavirus may prevent buyers from the act of shopping for homes. Buyers may be more weary taking on a larger mortgage.

How the Coronavirus creates a new normal

Industries continue to adapt to the changes that the Coronavirus brings.

CIBC will keep it’s locations open but with modified hours. Centers that don’t offer over the counter banking and cash services will be closed until further notice. The bank will also be offering work from home solutions to staff that are not in customer facing roles.

Customers of Central 1 Credit Union are encouraged to use digital platforms. The credit union believes their site will be able to handle the increased traffic.

Canada Guaranty is looking for new solutions for customers that find themselves under financial hardship. The mortgage insurer’s Homeownership Solution Program prior allowed lenders to capitalize up to four monthly mortgage payments but this can be increased to a maximum of six monthly payments, depending on certain conditions.

LTSA

LTSA, Land Title and Survey Authority of British Columbia, will be accepting an Affidavit of Execution sworn under section 49 of the Land Title Act. This is due to social distancing caused by the Coronavirus. Documents can be signed by the transferor on one page and witnessed by an officer on a separate page. This will allow both to remain at a safe distance.

Still, the requirements for the Land Title Act require the transferor to be in the presence of an officer. Videoconferencing is not an acceptable alternative.

Vancouver’s Real Estate as it stands

At the moment, it is not uncommon to see some homes sell above listing price and in a week or less. However the effects of this virus are still very new. With changing mortgage rates we will have to see how this may or may not impact the market.

A time to be sensitive

It is important to be sensitive to other needs. Not all sellers may be comfortable allowing people to enter their homes while COVID-19 is in effect. Sellers may be following instructions from the government if they are self-isolating after travelling.

Seniors selling their home must be careful allowing people to enter their homes.

The Real Estate Board of Greater Vancouver has advised agents to not host open houses. This is to prevent the spreading of the virus.

Earlier this week, REBGV also removed the rule requiring that properties listed on MLS® be made available for showings.

If you are curious about seeing what areas are selling above or below the listing price check out our Real Estate Tools and Maps. By logging in you will have access to our insights. You will be able to see which areas are hot to buy and sell.