Vancouver
Vancouver holds blue-chip status and forecasts an influx of international buyers post-COVID. Market Overview As Vancouver begins to see COVID-19 restrictions ease, it is holding its position as a balanced market, with
Vancouver is forecasting
conditions favouring sellers on certain properties. The
an uptick in interest
pandemic came following a difficult environment of
from buyers outside
increased
of Canada’s borders.
taxes
and
government
regulations
incrementally introduced since 2016. The taxes were designed to tame years of exponential growth. Despite this, Vancouver is maintaining buoyancy and proving the strength of its value proposition. In tandem with the COVID-19 lockdown, the total number
In June, the market began to normalize as home sales
of home sales declined steadily in the latter two weeks of
and listing activity returned to stable levels. Residential
March and into April. However, considering the first two
home sales increased by 17.6 per cent year-over-year
weeks of March were the busiest of the year, signs
from 2,077 to 2,443, with a sharp increase of 64.5 per
pointed to market demand being paused rather than
cent from 1,485 sales in May 2020. Listings rose by 15.1
halted. From April to May, the sales to active listings ratio
per cent compared to May 2020, proving that sellers are
increased from 11.8 per cent to 15 per cent in May.
gaining confidence in the market, with more utilizing virtual
42
Listings began to increase and prices rose by 2.9 per cent
tactics for transactions amid social distancing measures.44
in May year-over-year, signalling a recovery.43
In June 2020, YoY residential home sales increased
17.6%
42
Real Estate Board of Greater Vancouver, May 2020
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Real Estate Board of Greater Vancouver, May 2020
44
Real Estate Board of Greater Vancouver, June 2020
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Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
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