From a real estate perspective, the last 3 months have proved once again what an extraordinarily resilient and unique market Vancouver is. In spite of the Covid 19 pandemic, a temporary shutdown, major economic uncertainty and all the accompanying stress, residential property values in the city appear at least for now to be holding firm in almost all sectors. The volume of sales is down of course, but even this has been steadily creeping back up month over month through the second quarter of 2020.
Both buyers and sellers pulled back in similar numbers at the beginning of the shut down, keeping the market balanced but leaning slightly in favour of sellers, as is so often the case here. As predicted in my previous updates, because the shut down was relatively short lived, it appears not to have had a significant impact on prospective buyers’ desire and ability to commit to a purchase. Should a second wave prompt a longer shutdown that could change, but for now we just have to feel fortunate and above all hugely grateful to those who are working so selflessly to keep us safe.
The sectors which remain the busiest in Vancouver are those which are still wanted by and within financial reach of local buyers, ie: entry level condos and homes. These include one bedroom condos under $600,000, two bedrooms under $900,000, townhomes under $1,200,000 and detached homes under $2,000,000. If priced correctly and properly exposed to the market, it is still quite possible (and not uncommon) to generate competing offers. The only things that might change this are a significant increase in the volume of listings or a decrease in the number of buyers. Neither seems to be on the horizon.