Kim Lee

Housing Update 2020

Housing Update 2020 - Kim Lee
Table of Contents

Typically, August sees a downturn in real estate activity as many individuals put buying or selling homes on hold to enjoy summer vacations. However, the year 2020 has deviated from the norm with its unexpected turn of events, leading to an uncharacteristic trend within the real estate market.
The market has seen a resurgence in activity this Summer as buyers and sellers who had previously paused their plans during the Spring are now re-entering the market. Compared to August of the previous year, last month’s sales witnessed a significant increase of 40% (36.6%). This surge in sales can largely be attributed to the enticingly low interest rates, which have also fostered competition within the market, making scenarios of multiple offers on properties more common. Even amidst a pandemic, the benchmark price for homes ($1,038,700) has seen an increase of 5.3% from the same period last year, with detached homes increasing by 5.7%, townhouses by 4.4%, and apartments by 4.9%.<\/span>

WHAT DOES A BULLY OFFER MEAN IN REAL ESTATE?

Interestingly, we saw a 50% increase in sales in detached homes and townhouses, but only a 19% increase in apartments. This may be an indication that the apartment market is softening. This might suggest that people don’t want to live in high density places during the pandemic. More people are working from home which makes people want more space or a home office. Perhaps we may start to see more condo sellers and more detached home buyers.

The uncertainty of COVID-19 makes it challenging to predict what will happen in Fall. However, there is no doubt that the pent-up demand from the beginning of COVID-19, low interest rates and the general sense of safety of Vancouver real estate have added to sale activity.

Feel free to contact me if you have any questions about Vancouver’s real estate market.

Kim Lee PREC*
Oakwyn Realty Downtown Ltd. 
P: 778-997-8938
E: hello@kimlee.ca

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Kim Lee (Vancouver Realtor)

As a Vancouver realtor, Kim Lee combines her love for people with her passion for real estate to provide guidance throughout the process and to building lasting relationships.

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