VIDEO: Vancouver Real Estate Market Update – January 2021
Dear Reader,
Happy New Year! Hope you and your loved ones had a safe and relaxing Holiday Season.
From the Real Estate Board of Greater Vancouver:
VANCOUVER, BC – January 5, 2021 – Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.
Last year’s sales total was 2.8 per cent below the 10-year sales average.
“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.”
It would be wise to keep in mind that these statistics are very general, taking the average from all sub areas in the Metro Vancouver market. Please reach out to us if you’d like a complimentary assessment of your property to see if it falls into these categories.
Also important to note, With the arrival of viable vaccines, we may see the Canadian economic recovery materially accelerate in the second half of 2021. If that occurs, the first stage of tighter monetary policy from the Bank will be how and when it decides to taper purchases of government bonds over the next year. As it does, we may start to see a divergence in variable and fixed rates by early summer as bond yields rise and fixed mortgage rates move marginally higher, according to BCREA and the Bank of Canada interest rate announcement.
If you looking to either Sell or Purchase or both (move) in 2021, please reply to this email and I would be privileged to provide you with an information package tailored to your market.
Looking to get top dollar for your home or investment property? Please reply to this email and I’d be happy to help!