Summer saw no signs of a slowdown to the post-lockdown recovery in Vancouver. The volume of sales in both July and August were well up on both previous months and previous years. Prices have solidified and even risen marginally in certain sectors. Listing inventory crept up a bit too in August. Expect to see this number rise again in September. If demand continues to keep pace with supply, this will mean a busy fall.
As usual though, when you look a little closer, the story is very different depending on the specific part of the market you are focused on. Properties providing solutions for local buyers are the hot commodities. Their needs have changed this year, so now more than ever space at home is at a premium. Some buyers will move a little further from their workplace. Others will want to try to stay in the city more for lifestyle than anything else, but both will be keen to get as much space as they can for their money in their chosen neighbourhood. Outdoor space has also gained extra importance as has the number of rooms versus total square footage, given the amount of extra time people are spending both playing and working at home.
As demand for these kind of properties may force values up, those which don’t fall into these categories may see things go in the opposite direction. Properties that have relied heavily on investors and overseas buyers to support their values may start to struggle. More generic Downtown condos will be particularly susceptible if the number of listings continues to rise, as the only way to stand out from increased competition will be to rely on pricing.
Feel free to reach out to me personally anytime (in person, by phone, text, DM, email, Zoom, Skype, carrier pigeon). I would be more than happy to discuss how all this could impact your plans moving forward, no matter how far away a move might be for you.