While COVID-19 and social distancing adaptations have proven challenging for the overall economy, there has been an upswing of activity in most BC submarkets since the spring.
Although overall, post-COVID economic recovery isn’t in sight just yet. The need for affordable housing options is dire in this province. A large gap remains between available housing options and types of housing that are in demand. Demand is edging towards single-detached homes due to shifting lifestyle desires as a result of the virus. Many people who were confined to condos longed for more space and this is evident in purchasing trends.
Historically, winter is typically a slow real estate season, as people don’t want to deal with blistery weather conditions, and many are preoccupied by time spent with family during the holidays. Will these trends remain consistent as we creep closer to the 4th quarter?
Below we explore the top BC real estate markets to watch this winter, and the trends that are propelling their post-COVID recovery.
The Greater Vancouver Real Estate market
The Greater Vancouver real estate market was buzzing over the summer months, but will this activity trickle into the fall and winter seasons? Considered a popular and expensive market to purchase in, there is a lot of uncertainty as to how the market will fare as 2020 draws to a close.
This will likely depend on the COVID-19 pandemic and the potential for another wave causing businesses to shut their doors and residents to stay in their homes. For now, many are surprised at the level of activity as an outcome of the pent-up demand from spring.
The prices of homes have been edging up since spring homebuying had been put on hold due to the virus. As a result, there have been an influx of new homes on the market. Demand has started to pick up, leading to even more competition in the Greater Vancouver market and multiple offer bidding wars on listed properties.
Year over year there were 60.6 per cent more homes sold in September. The high sales numbers included properties that have been on the high end of the market.
In Vancouver condo prices year over year in September had increased by 26.7 per cent. It remains uncertain whether trends within the Vancouver condo market will play out in the same manner as we have seen in Toronto, where demand and prices in the local condo market are trending downward.
Condo prices may begin to drop further as homebuyer preferences shift to large floorplans over small, well-located condos. If a flood of condo supply comes to the market, this could dramatically decrease condo pricing overall. As a result of the residents of the Greater Vancouver area working from home during the pandemic and home-schooling their children, some are recognizing the need for more space. Therefore, a shift may occur whereby single-detached homes with more greenspace could become more desirable.
Fraser Valley Real Estate market
When looking at the Fraser Valley market, one would never know we were in a pandemic or recession. According to the Fraser Valley Real Estate Board, similar to the summer months, sales and new listings were at record highs in this area. Sales of single-detached and townhomes spiked, which put upward pressure on prices. This may continue into the winter season, although, with the potential for further COVID-19 waves, there’s no telling how this market will react.
Victoria Real Estate Market
The Victoria real estate market has seen an acceleration of sales as a result of the pent-up demand from the spring homebuying season. High home inventory in September has not kept up with demand. While local industry experts project that this strong activity will continue throughout the winter, they are well aware that the situation can change in the blink of an eye due to the uncertain nature of COVID-19 outbreaks.
Overall BC Market Uncertainties
Uncertainties related to the coronavirus means that the real estate market in BC could dramatically slow down once again in the winter. With flu season returning, fears of another wave could be heightened and lead to a decrease in activity across the province. People may put their real estate agenda on the backburner until there is more certainty within the provincial housing market and the economy at large.
The BC real estate market remains a popular destination for homebuyers. Although the coronavirus affected the market early on, with increased confidence and improving market conditions, we’ve seen activity in this market pick up at a promising rate in local markets province wide.
Source:- RE/MAX News
This trusted boutique realtor team is building a real estate family throughout Vancouver – Vancouver Is Awesome
Not many realtors in Vancouver have dedicated themselves to one real estate company and office over the course of their entire career.
This is a milestone that RE/MAX realtor Andrew Hasman, the recipient of this year’s RE/MAX Luminary of Distinction career achievement award, is especially proud of reaching in his 28th year in the real estate industry through his Vancouver real estate office.
Working alongside Andrew in his two-person real estate team is his wife, Jill Hasman. As both life partners and business partners, Andrew and Jill form Andrew Hasman & Associates, offering boutique real estate services to guide clients beyond the standard buying , selling and investing in properties by providing support throughout the whole process.
The Hasmans aim to be an ongoing resource for anything clients wish to know about the real estate landscape. Hands on in their work, they actively engage with and support them in their real estate planning through their extensive real estate market expertise and connections.
“We try to set our clients up for success in the real estate process by helping them make wise decisions,” says Andrew. “We consider what we can do to add value — whether its providing suggestions for investments or bringing in tradespeople for renovation projects, along with setting up their homes for a successful sale.”
In providing the full package for real estate listings and showings — including measurements, photos, and floor plans, wall painting and carpet cleaning —the realtors ensure that by the time homes are put to the market, they are showing in a way that potential buyers who come in get an accurate impression of the space.
Andrew & Jill Hasman at the 2019 Home Show. Photo provided by Andrew Hasman & Associates.
Andrew and Jill have built their business based on the fundamentals of being people-oriented in their approach to real estate.
“As realtors, we’re dealing with people’s lives, their family memories, and their homes,” says Andrew. “We approach residential real estate in a way that captures people at the personal level.”
“We enjoy helping people get their homes ready for the market and helping them establish their new home and their new place in their lives,” adds Jill.
The Hasmans know that nurturing those relationships is key to creating happy clients and more business opportunities.
“We analyze each situation, understand the client’s needs and expectations, and bring tremendous value to the table so that we can generate the best outcome for our clients,” says Andrew. “And that’s why they keep coming back.”
Today, 90% of their business comes from past clients and referrals.
In their small team of two, Andrew and Jill consider their clients as part of their extended family network, and this is paramount to their success.
“Over the years of nurturing our relationships with our clients, we call them our real estate family,” says Andrew.
Andrew and Jill are now at the stage in their careers where they have gotten to know, grow with, and work with past clients and their now multigenerational families.
The opportunity to support the next generation in their real estate opportunities demonstrates the level of comfort and sense of trust the Hasmans have established in their client relationships over the decades. For both Andrew and Jill, this is what they see as a full circle experience.
“We love to be there from start to finish and to help somebody to the point where we hand them the keys to their new home,” says Andrew. “It’s incredibly rewarding for us to see the whole process carry out.”
For more info, visit andrewhasman.com.
No rest in November for real estate market – Times Colonist
It might not feel like spring, but the Greater Victoria real estate market is sure acting like it, according to numbers released Tuesday by the Victoria Real Estate Board.
The region recorded 795 property sales last month, and while that is 195 fewer than October of this year, it is close to the record for the month of November, which was 892 sales recorded in 1989.
“Once again, we’ve tracked an unexpectedly busy month for the Victoria area real estate market,” said board president Sandi-Jo Ayers.
The market has been busy for a while now, as the region flirted with 1,000 sales each month from July through October, suggesting the usually busy spring market – March through June – was delayed until July this year.
“Obviously, we lost a couple of months in the spring,” said Ayers, noting the COVID-19 pandemic shut down the market in April and parts of May and might be the cause of the pent-up demand that has fuelled recent sales figures.
Ayers also noted the market has benefited from historically low interest rates.
“The pandemic may have pushed people’s plans ahead a little faster,” she said, noting those who had been considering retiring or moving up or down in the market might have decided to take advantage of the low-interest environment.
Last month, 361 single-family homes changed hands, down from the 474 that were sold in October, while 262 condos sold, down from 304 in October.
While sales numbers dropped, prices didn’t.
Last month the benchmark price of a single-family home in the region increased to $813,700 from $752,300 in November last year and $795,200 in October this year. Condo prices also increased to $508,400 last month, from $505,500 last year and $504,500 in October 2019.
“We have low inventory and have for a number of years and that puts pressure on pricing,” said Ayers.
There were 1,813 active listings for sale at the end of November, 24.4 per cent fewer than were available at the same time last year.
Ayers said inventory below 2,000 at this time of year is a significant marker, as the region tends to see numbers that low only by the end of the year.
The result of the drop in inventory has led to a significant increase in the number of homes receiving multiple offers and a significant number of properties selling for more than their asking price.
“We have seen that in the last nine months – properties coming to market and within five days they often get multiple offers,” said Ayers. “That tells us inventory is low and properties in desirable areas and priced well get attention from buyers.”
As for what’s to come for real estate in this region, Ayers said it could be more of the same.
“The fact is, the market has outperformed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow levelling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple-offer situations will likely continue as we remain in a demand-heavy environment,” she said.
Vancouver real estate: Owners begin filing info for B.C.'s new 'hidden ownership' registry – Vancouver Sun
Article content continued
“We’re all going to require transparency reports and fairly elaborate, written documentation between adult child and mom and dad. These are going to require more time and more money.”
Usher supports the registry and was part of the panel that recommended the registry and other changes to B.C. real estate regulations.
“All of this information is going to be available to taxation authorities, police and government agencies, the public to some degree, a portion will be publicly searchable starting next year,” he said. “These are all trade-offs.”
“It’s being done with good intention, with the best of ideas, but unless we, for example, properly fund and coordinate investigative agencies, all we’ve done is created a very expensive, massive database.”
With a file from The Canadian Press
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