What is happening with Vancouver Real Estate market during COVID-19?
Vancouver Real Estate market was trending up in the beginning of 2020 until the mid-point of March when we began to see the effects of COVID-19. To give a bigger picture, we decided to compare the most recent numbers posted by Real Estate Board of Vancouver to the same time in 2019. Please take a look:
Here is a full report for Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen and Ladner:
Interested to know about what the Sales were by specific Property Type or Neighbourhood? Please reach out and we will be happy to provide in-depth analysis.
We have also been receiving these questions in the past couple of weeks. We thought we’d share the answers!
Are properties still selling?
Yes, however, the sales volume is substantially down; Some buyers are suspending their searches, while sellers are pulling their properties as they try to make sense of the new market reality. We are not recommending anyone to go onto the market right now unless you absolutely need to sell.
If we take a look at March 2020, sales are down by 60% since March 15th (288 sales) comparing to the first few weeks of March (719 sales). April will be the first full month where effects are realized in both resale and pre-sale. We are monitoring the market on weekly basis.
New listings by the week in Greater Vancouver (we will keep updating these numbers):
- March 23, 2020: 414
- March 16, 2020: 548
- March 9, 2020: 524
- March 2, 2020: 461
- Feb 24, 2020: 339
How can I defer my mortgage?
Depending on your lender, there may be options available to you during this time. To connect with your lender please visit this page.
In order to qualify, you must have lost your job or some of your household income due to COVID-19.
I bought a pre-construction property. Should I expect delays?
Yes, expect delays with your pre-sale purchases; construction is on pause. There is no information about the timeframes of delays yet, but as weeks pass by we should get a better idea. Builders fully expect to see challenges with receiving materials, social distancing decreasing productivity, reduced resources providing permits and inspections, and inevitably construction outside date extensions.
What will happen with Real Estate prices in Vancouver long term?
Out of all places in the world, we feel pretty lucky to be in Canada and especially Vancouver. Through all ups and downs Vancouver Real Estate market has proven to be resilient. We are confident that there will be a rebound of the activity once we are on the other side. The market may take a pause but it will come back as it always does.
We are protecting our clients and ourselves by staying home at this time but always available via FaceTime, Zoom or a phone call.
We are all in this together and we are here for you! Please reach out if we can help in any way.