A mid-century beauty opens to the public for the first time, and it’s stocked with new art and design. While lockdown chased some buyers away, the balance between supply and demand remained largely the same as it had been, keeping prices high. Housing markets across the United States have proven incredibly resilient to the economic fallout of the coronavirus pandemic. Well, the summer boom is expected to cool off in the fall after the pent up demand is satisfied. While many of the structural issues in housing finance that caused the Great Recession no longer exist, a foreclosure crisis is still possible without the enhanced unemployment benefits and forbearance option. Therefore, transaction reported dates are when the agent submits the sale to their local board. We always recommend buyers and sellers watch both the local market and the regional Metro Vancouver Report. Prior to the pandemic, housing markets were suffering from both a severe shortage of homes for sale and — as the pre-pandemic economy was soaring — a strong demand from prospective buyers. Sub-markets of Metro Vancouver have fewer monthly transactions and this means that a small number of home sales can have an oversized influence on the reported statistics. Vancouver Home Sales Stats July 2020Residential home sales in greater Vancouver rose to 3,128 units in July 2020. The museum bulldozed its old campus without a clear plan for its replacement. Under different circumstances, this would set the stage for something like a return to normalcy. Canadian Real Estate Association Quarterly Forecast. Tower B, 6th Floor, 380 Wellington Street. The province will see this trend continue through 2021, when there will be a … As the summer approached, a number of states and cities lifted stay-at-home orders, and many who wanted to buy or sell in the spring jumped into the market. These organizers take no effort to install and are an excellent way to keep your bathroom space immaculate. Current Surrey MLS® stats indicate an average house price of $892,834 and 1,568 new listings in the last 28 days. This means that the mix of homes sold has shifted from a majority of higher-priced homes to a majority of lower-priced homes, or vice versa. Here’s Why. According to BC Real Estate Association’s (BCREA) newly released third quarter housing forecast update, home sales in the province are expected to see an uptick of 6.5% to 82,380 units in 2020.
Getty. The home price data we report is regularly refreshed, with the most recent coverage between August 12 - September 09. With a successful Vaccine, Vancouver's real estate scene will boom again.
However, supply and demand isn’t the only factor at play. With the virus showing no signs of letting up, forecasters now believe that the pandemic could cause home prices to drop in 2021. Home Prices May Be Dropping Soon. 2. 1st Floor, Unit 4-180 Northfield Drive West. ”When we look at the mortgage market in particular, we have a lot of concerns that we’re going to see a spike in delinquencies and foreclosure rates as we get into 2021.”. TD Housing Forecast from April 2020 and TD’s Downgraded Forecast. For media inquiries contact press@zolo.ca.
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