REAL ESTATE NEWS

COVID-19 has changed elements of living in Metro Vancouver in so many ways, from transportation to the economy to drug and liquor policy. But the price of buying a home? Well, some things stay the same. "There is a little bit of disconnect right now," said Central 1 deputy chief economist Bryan Yu. ...

Canada’s largest bank is calling the top for real estate prices in the near term. RBC economists took a dive through the latest Canadian real estate sales for May 2020. In addition to noting prices have stalled, they believe the bounce in sales is overstated. Combine this with an observation on supply outpacing demand, and their forecast is beginning to look like the CMHC’s forecast. ...

Sales of residential properties in May were up from a record low in April, but were still down 39.8 per cent from the same month last year, the Canadian Real Estate Association reported Monday.
It was the weakest showing for the month of May since 1996, even after rising 56.9 per cent from April, when sales volume was the lowest on record, CREA said.
Like most sectors of the economy, the real estate industry was affected by the lockdowns put into effect from mid-March ...

The housing market is showing signs of recovery from the COVID-19 pandemic. A total of 428 detached homes, townhouses, and condo units were sold in Vancouver in May 2020. Compared to the 315 sales made in April of this year, last month’s transactions represent a 35.8 percent increase.
Activity was stronger in the West Side of Vancouver last month. ...