Metro Vancouver housing market shows resilience in 2020.
If you are in the market looking for a home or deciding of you want to put your home on the market, don’t try to time the Market.
My only advice for Home Buyers and Sellers is that if you find the home of your dreams, if the price is right and Affordable for you …That is the right time to buy your home.
People frequently ask me what direction I see the market going and while I don’t have a crystal ball, I can tell you what happened last year, and make a few deductions from previous activities.
Low inventory, combined with low interest rates, coupled with pent up buyer demand, gave rise to Multiple Offer situations which saw purchase prices going to six digit territory.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,538, a 0.8 per cent decrease compared to December 2019 (8,603) and a 23.2 per cent decrease compared to November 2020 (11,118).
“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify,” Colette Gerber, REBGV Chair said. “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs.”
“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons,” Gerber said. “Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”