Greater Vancouver Real Estate News

Greater Vancouver Real Estate Market Overview

Well contrary to what CMHC (Canadian Mortgage Housing Corporation) has been saying this year, the Greater Vancouver real estate market has remained strong. In fact, the Real Estate board recently reported that there was a record number of sales in September! Plus, there were almost a record number of new listings that came on the market, but given the lack of properties that have been available, this was and is still needed to contain run away price growth.

We're proud to be among the top real estate agents at Dexter Realty! We love helping our clients buy and sell homes and always strive to offer the best service and advice. We'd like to thank all our clients for your support, business and referrals. We look forward to continuing our relationship as your trusted REALTORS®.

Greater Vancouver Real Estate Market Overview

If we thought competing offers were a constant in July, after a tempered start in the first half of August, we experienced two weeks with the most amount of sales reported this year after that. Amid all the chatter of economic disruption and its potential negative effects on the housing market, real estate has taken on a life of its own and clearly wants nothing to do with slowing down.

Greater Vancouver Real Estate Market Overview

There were 3,202 properties sold of all types in Greater Vancouver in July this year compared with 2,497 sold in June, 2,584 sales in July last year and 2,108 sold in July 2018. It was actually the seventh highest amount of sales for the month of July on record and the highest monthly sales amount since June 2017.

Total home sales in July were 14 per cent above the ten-year average for the month and July saw the continued increase in the number of sales, week by week since the pandemic took hold. Looking at the different types of homes, detached home sales were up 33 per cent year over year, townhouses up 28 per cent year over year, apartments up 12 per cent year over year. Buyers have shown more interest in real estate with space over the last few months, but that doesn’t necessarily mean condos aren’t getting interest. We are still seeing multiple offers with them, with even the higher end of the condo market starting to see sales occurring where they had been absent in the previous months.

It's difficult to know how Covid-19 will affect the future real estate market as there are so many unknowns. But currently, the low mortgage rates, pent up demand from the last two years and peoples desire to update their housing options, has created a robust market.

Greater Vancouver Real Estate Market Overview

We have moved into Phase 3 of the British Columbia COVID-19 Restart Plan which will allow for more businesses to open up, movement around the province and improvement in economic conditions. In looking at home sales in June, the real estate market had already moved into its next phase as June began with buyers and seller having become more engaged in real estate.

Due to the Covid-19 pandemic, CMHC announced they will be tightening their mortgage underwriting rules as of July 1, 2020. Interestingly, Canada's two other mortgage insurance companies, Genworth and Canada Guaranty, will not be following CMHC’s lead, according to Canadian Mortgage Trends, which is good news for home purchasers.

There's no doubt that Covid-19 has altered the Greater Vancouver real estate market and also the way business is conducted. Many professional REALTORS® have altered the way they're conducting business in order to keep the public, their clients and all those involved in the real estate transaction safe.

So, you're thinking of buying a home in BC, Canada and you're wondering how much money you'll require for your minimum down payment. Well, below are some general rules to get you started.