The low sales in March and April were not indicative of the up turn in sales activity in June and July. Demand was merely delayed and is now catching up. July was the busiest month of sales since June 2017.Buyers ready to buy in March we’re delayed by the pandemic. Buyers were ready to buy but they could not.
Many Buyers who have been working from home are planning to continue to do so. Buyers want to upgrade to have better or more comfortable living space indoors and out.
The following factors have stabilized the real estate market in the midst of a policy driven economic downturn.
- S&P 500 has re-attained pre pandemic highs
- Pent up housing demand (according to Rennie Intelligence, to the tune of 11,000 unrealized sales accumulated in the 1st 6 months of the year)
- Metro Vancouver has re-gained nearly 120,000 jobs in the last 2 months.
- Availability of historically cheap money. Borrowers can currently lock in at 2.14% or even lower for 5 years.
For more info about our local markets or to see where your home fits into the market, call us! We are available and happy to help.