REAL ESTATE NEWS

B.C. real estate is picking up again, but it’s generally lagging the general market – especially in Vancouver. Canadian Real Estate Association (CREA) data shows all significant markets saw a bump in November. Despite strong monthly gains, the province is generally underperforming the rest of Canada.
Greater Vancouver real estate is picking up, but price performance is really lagging the rest of B.C. The benchmark price reached $1,053,500 in November, up 0.52% from the month before. This represents an increase of 5.78% when compared to the same month last year. ...

A company that supports hundreds of credit unions across Canada predicts British Columbia’s housing market will remain healthy through 2021 as the province moves out of its COVID-19 slump.
A report from Central 1, the organization that handles financial services, digital banking and other resources for more than 250 credit unions, says B.C. has seen a “spectacular” rebound in housing demand since pandemic-induced lows in the spring.
The report says affordability remains a focus, as median home prices are up nine per cent this year to $585,000 and are forecast to climb a further six per cent to $618,000 in 2021. ...

Next year is shaping up to be a seller’s market, according to real estate company Royal LePage.
The company has released its market survey forecast for 2021, predicting that the median price of a detached home in Greater Vancouver will increase by 9 per cent, from $1,158,400 to $1,262,600.
The company’s managing broker, Randy Ryalls, said in a release, “I am confident we will continue to see prices rise next year. Vancouver has proven to be a rather resilient market, with high demand and quite low inventory.” ...

Housing sales in Metro Vancouver fell almost 17 per cent in November compared to the previous month, according to the Real Estate Board of Greater Vancouver.
But the industry group says as trends go, demand remains high, making it a sellers' market.
REBGV's monthly tally shows 3,064 homes sold last month across the region, compared to 3,687 in October 2020.
Compared to November 2019, sales were up 22.7 per cent. ...