October 2020 Vancouver Market Update
Here we are in NOVEMBER?!?!
As we’re all gearing up from Rememberance Day, swiftly followed by Christmas, we are sitting here taking a look back at what October 2020 looked like in Vancouver Real Estate. Typically October is a busier time in the market with the ‘Fall’ period in full effect.
Naturally the state of the market has been heightened these past few months following the reaction of Covid-19 induced lockdowns. That’s been pretty consistent with the home activity in the market too.
Naturally the state of the market has been heightened these past few months following the reaction of Covid-19 induced lockdowns. That’s been pretty consistent with the home activity in the market too.
Detached houses have been booming, Townhouses are now booming too, with Condos being softer in major city areas.
The other key element in this market is price. Not just because pricing is always important, but because no matter how busy the market has been, over pricing will not be catered to, regardless of market business.
The other key element in this market is price. Not just because pricing is always important, but because no matter how busy the market has been, over pricing will not be catered to, regardless of market business.
The overall theme for this market update is ……… The Same Trend.
In a nutshell, the same thing we’ve been seeing the last few months is continuing to take place in Vancouver now. That’s the extremely high levels of inventory coming to market (although down from last month) and the heightened number of sales.
So let’s take a peek at the table below, showing Sales increases vs October 2019
So let’s take a peek at the table below, showing Sales increases vs October 2019
Furthermore from these large numbers increases, the Sales-to-active listings ratio is well above the 20% sellers market territory, and has been for a while now. In fact, the ratio for detached homes sits at 30.9%, and townhouses at 43.5%.
Yet surprisingly, these astronomically high numbers are not showing the same when it comes to benchmark pricing - with the increases sitting at 1.1% for Houses, 0.4% for townhomes and unchanged for apartments.
Once again reiterating our above point, pricing plays a very key part, and even multiple offers does not mean the pricing will be inflated to over market value levels.
As we’ve been saying for a while now though, before buying OR selling, make sure you are doing a proper scan and analysis with your REALTOR for the area. It’s not uncommon for a completely different scenario to be taking place right before your eyes.
As we come into the Winter months, we envision to see things slow down more, especially if the restrictions for Covid-19 and a second wave continue to be put into play. It’s safe to say a large amount of buyers have been very conscious with the concept of ‘Home’, opting for properties which they can see themselves living in, and possibly working from home.
We are in the ‘Fall’ period right now, so home activity is traditionally higher now, pandemic or not, so the coming months will be interesting to watch unfold and see if our market follows suit as we head into winter.
Thanks again as always for reading along.
Until next week,
Jay Mcinnes
T: 604.771.4606
jay@mcinnesmarketing.com
Ben Robinson
T: 604.353.8523
ben@mcinnesmarketing.com