The Greater Vancouver benchmark house price has continued to rise, however condo prices are beginning to flatten.
House purchases in July and August where the highest ever for those months! The market hasn't yet settled into a 'new normal'.
The full impact of job losses will not be felt until October when CERB and the mortgage payment deferral programs have expired.
Condo listings have risen materially, while house sellers have been more reluctant to list.
We are watching several key risks:
1. A flood of condo supply could cause an acceleration of price declines.
2. It is reasonable to expect there may be some localized lockdowns coming.
3. Short-term rentals in Vancouver may sold, and this could add unexpected supply to the market.
Where are Metro Vancouver prices headed?
Given the Coronavirus Recession, sellers may want to push ahead and sell during the pandemic. There is no guarantee that home prices will stay at the current highs because a Coronavirus induced recession may inflict long-term economic damage.
Homeowners who plan to live in their current home for the next five years, as well as long-term investors, should never sell out of a sense of panic.
However, there are a few types of homeowners who should seriously consider selling now.
• Homeowners in entry-level homes who want to upgrade.
• Older Baby Boomers who wish to downsize.
• Real estate investors and builders.
I HOPE THIS GIVES YOU A BETTER UNDERSTANDING OF WHERE THE MARKET IS.
MY BUSINESS IS BASED ON REFERRALS AND I’M NEVER TOO BUSY FOR YOUR REFERRALS!