REAL ESTATE NEWS

Before the coronavirus pandemic paralysed the Canadian economy, the Vancouver real estate market was one of the strongest in the nation, with strong activity and rising prices. Like other major areas of the country, the city experienced a temporary slump at the height of the public health crisis as sellers waited out the chaos, and buyers sat on the sidelines. Since then, however, the city’s housing sector has significantly rebounded, with renewed sales activity and increasing prices. ...

British Columbia was one of the first major provinces in Canada to flatten the coronavirus curve. After hitting a peak of 2,760 confirmed cases in early May, infections started to plummet. The province was quick to act, implementing partial lockdown measures province-wide in March. The dining service inside restaurants was banned, and the public was encouraged to stay inside as much as possible. Within as little as two months, BC began to restart their local economy, making it the envy of Canada. ...

Despite ongoing concerns about COVID-19, the local real estate market experienced an all-time high in August.
According to figures from the Victoria Real Estate Board, 979 properties sold in VREB’s region, up 48.1 per cent compared to August 2019. According to Leo Spalteholz, a local realtor who runs househuntvictoria.ca, an analysis site, this figure represents an “all time record for the month.” ...

The Metro Vancouver real estate market is showing no signs of slowing down despite the COVID-19 pandemic, defying the expectations of many experts and major financial organizations.
Housing sales were 20 per cent above the 10-year average in August.
Housing economist Tom Davidoff, with the UBC Sauder School of Business, admits the surge in sales is surprising. ...