Patricia Trstenjak, a real estate agent working in the Vancouver area, highlights some important points about the current reality and prospects for the real estate market in the region.
- The average home price in Greater Vancouver, Fraser Valley, is expected to rise by up to 2.4%, despite the drop in sales in 2020. However, the average price of houses in the province in general is expected to lower growth of 1.8% for this year.
- “The positive outlook for home sales in 2020 was reversed by the COVID-19 pandemic, leading to a recession,” Brendon Ogmundson, chief economist at BCREA, said in a press release on 10 June. In Greater Vancouver, for example, it is estimated that a total of 20,500 homes are expected to be sold in 2020. This figure is 20.2% less than last year’s sales.
- Across the province, including Greater Vancouver and the Fraser Valley, property sales are expected to fall 21.3% in 2020 compared to 2019. BCREA sees better prospects for the real estate market in 2021, forecasting a 45.3% increase in real estate sales.
- Real estate sales in Vancouver rose almost 36% in May, with the real estate market also standing out in Surrey. The forecast for the average housing price in BC is for a 5.6% increase in 2021.
- Canadian housing market rebounds in May as the first step towards a long recovery: RBC Economics. The new CMHC requirements will cause buyers to rush to the market.
- Real estate experts say that CMHC’s new and rigorous loan measures will increase the volume of real estate purchases with the rush of buyers to the mortgage market before July 1, when these rules come into force.
- “Whenever there is a set deadline for a major change in mortgage rules … there will be a rhythm clearly faster pace of transactions before this change. “
Patricia Trstenjak is a real estate agent, working in the Vancouver area.