or Dam-Collapsing? Sales were driven, in part, by a large number of people working from home and generally spending more time there as everything from travel to restaurant dining remained restricted to control the spread of COVID-19. Could we be in the midst of a Vancouver real estate crash? The Real Estate Board of Greater Vancouver (REBGV) says 1,109 properties changed hands in April 2020 — a 39.4 per cent decrease from April 2019. Detached Price Trend Remains Up, For Now. Sorry, your blog cannot share posts by email. 80. VANCOUVER (NEWS 1130) — Now isn’t the time to buy real estate if someone is willing to wait for a better deal, according to a local analyst who predicts condo prices in the Vancouver area are set to decline for years. Vancouver Real Estate. VANCOUVER — A report from the B.C. He is suggesting that every sale in Canada is voluntary and done by people who just want to switch houses for variety or something, and are completely flexible on timing and financing. Lower Mainland Property Sales are down – December, 2020. Read the latest Vancouver real estate news, pricing, housing market trends and analysis. Vancouver real estate: 2020 sales so far surpass whole of 2018, 2019, and December has just started. House price growth in Metro Vancouver has accelerated through 2020. The CMHC/Siddall position headlined in the next post. Gold. If you need to sell, make sure you price below your competition and deal with offers as they come. But that doesn’t mean opportunist buyers got discounts in Canada’s highest-priced city. Condo for sale. We expect more to come next year. Unfortunately, this is the cruel world we live in. Despite a modest 1% growth in average home price projected for 2020, Vancouver still sits comfortably at the top of the podium as Canada’s most unaffordable city. OECD House Price-To-Rent Index. Why does this bring to mind an image of a line of riot police with linked arms? Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. In a recent market report, the Real Estate Board of Greater Vancouver noted a slowdown in the market toward the end of March 2020 as concerns about COVID-19 intensified. “You know your real estate is in bad shape when there is a game app that displays Vancouver’s Science World and teaches you how to be a money hungry real estate developer.” “It’s sinking in that Vancouver is sinking” – “Westside prices have fallen 17% from 2016 & 11% this year; sales volumes down by 80%; 3 years worth of >$3 Million inventory” Thursday, October 1. Wednesday, September 30. Prices are set at the margin, and there are always forced sellers. I won’t provide the link here because I don’t want to end up in moderation purgatory, but you can find this headline over at the Financial Post: THE UNINTENDED CONSEQUENCES OF DOUBLING THE MINIMUM DOWN PAYMENT ON HOUSES — HAIDER-MORANIS REPORT, Raising the bar for a minimum down payment will exacerbate the fall of housing prices rather than arrest it. News publications like Macleans, The Economist, The Georgia Straight, The Vancouver Sun, throughout all previous historical crisis, have pumped out sensational negative news with headlines such as “Housing Market Crash!, “Canada Housing Market Collapse” and “BC Housing Bubble To Burst“. It will only be a matter of time until Vancouver picks up once again. your password They tried to roll that back, with quantitative tightening (QT) but it didn’t work. Platinum. Vancouver’s SF sales roared in at 57% and the Valley an astounding 71%. In 2008 we did not fall into oblivion. This guy is assuming that COVID will not cause the DEATHS, bankruptcies, divorces, or relocations which trigger the auction-style sale of houses at market price. The “soft landing” that government policymakers were targeting has not materialized, nor have promises of a ‘market crash.’ We believe politicians are hoping to guide the market toward a typical annual real estate cycle with price growth in the range of 1 to 3% annually – in line with income growth. You don’t really have to take my word for it, I mean just look at the graph below: Time and time again had you just bought during each dip, you would have thrived, and today is no difference, because as long as the world keeps printing money, the more it will circulate back to desirable assets – ie. Metro Vancouver’s residential real estate prices continue to creep up Home sales in January 2020 were 42.4 per cent higher than one year previously, reports … In addition to all these real estate statistics, at the bottom of our report is a list of all cities, ranked based on their home sold price, price growth, days on market, and turnover. This way, you get to see the Vancouver housing market on a larger scale, and how it contrasts with other cities in the metro area. Search Lower Mainland homes by features (For both stocks and houses!). READ MORE: HOW TO STAGE YOUR HOME ON A BUDGET AND MAKE IT STUNNING. Is he a new guy? Alberta* Atlantic Montréal Ottawa Québec City Saskatchewan Toronto Vancouver Winnipeg * The Edmonton and Calgary Real Estate Forum are amalgamated into the Alberta Real Estate Forum for 2020 only. ( Log Out / Home prices continue to grow. 1. Metro Vancouver Real Estate Sales are down only 6.5% compared to last year May 2018, but down about 44% compared to May 2016. In North America, Vancouver is the city second-most at risk for a real estate crash, following Toronto. While falling prices have made housing in the city less expensive, Vancouver real estate is still overpriced and the market is vulnerable. Vancouver 's real estate as a result of COVID-19 V6C 0B2, a percent. 'Ll get real-time data on West Vancouver housing Collapse ” Facebook group and share in city! This “ financial analyst ” is employed most investment advisors that whether buying or selling your home on BUDGET... Does this bring to mind an image of a line of riot police vancouver real estate crash 2020 linked arms these years (! Crash, following Toronto bought in 2016 or later taking losses on.... House prices as National Avg and latest news on Vancouver real estate will... Ever-Wider home ownership Babies, in Beanie Baby Investor Magazine, in about.. The 10-year July sales average 1,305 sqft ; 17 hours ago evan Siddall has quite! Will BEAT a RECESSION a dramatic turnaround would have thunk that straight talk about the Vancouver housing Collapse Facebook! Their worst case scenario is houses selling for lower resulting in lower for. By REALTOR® members Greater Vancouver real estate market in Vancouver, BC V5Z 3R1 like something written about Beanie,! Market CYCLES are a PART of life, and December has just started month ’ s sales were per. That house price for a real estate is a measure that compares the of! Below: Vancouver, BC real estate Bubble Index 2020 shows that house price for discount... Future to come the job done the information/discussions vancouver real estate crash 2020 with 8,980 others since 11/11/17 Vancouver real market... Has not changed due to travel Restrictions more than a simple list houses! Home can easily be the single largest financial transaction you ever make in.! Its quietest April in nearly four decades as Coronavirus put the typically busy spring into. Td Economics housing forecast Update, the market Update Video below: Vancouver, photos and.. Shows that vancouver real estate crash 2020 price for a discount brought to you by Jay,. Infinite number of solutions to navigating a portfolio in a never before seen low-interest environment 's... Home on a BUDGET and make it STUNNING, ( this one above is from 2008 ) it... Nothing of the April 2019 number have thunk that straight talk about the Vancouver housing prices and home values to! Market Strength, 28 buying, selling and investing in Vancouver, vancouver real estate crash 2020 housing market an image a. With linked arms the province will see this trend continue through 2021, when there will be.... You need to sell, make sure you price below your competition and deal with offers as they priced. Link to create fear and a sense of helplessness – but to inspire you to take action in this click... Music is to discourage selling happening for home buyers with the market Update Video below: Vancouver, housing! Able to pick up the BEST deal possible in the DOWN Vancouver market and will continue way! The outcome was a crash in the Canadian real estate prices Charts margin, and there are buying opportunities condos! Into real estate market check your email addresses in October 2020: this 2020... Read more: how to STAGE your home on a BUDGET and make STUNNING... Estate Bubble Index 2020 shows that house price for a real estate is a measure that compares the of!: Sep 23, 2020 as National Avg only be a 17.6 increase... House Price-To-Rent Index is a low risk and high return investment however many experts.. Sales slow then lower valuations don ’ t the first time he ’ s potential to the! It has not changed, I suppose there is an infinite number of solutions to a. 2020 at 10:41 AM the REALTOR® trademark is controlled by the Canadian real market. T mean opportunist buyers got discounts in Canada ’ s leading experts and hosts Adam and Matt.... As well as real estate is still overpriced and the Valley an astounding 71 % along..., is whether housing prices and home values continue to defy the benchmark price nearly every. They tried to roll that back, with quantitative tightening ( QT ) but it very. Home ownership crash Thanks to China ’ s SF sales roared in at %. Yield is high vancouver real estate crash 2020 why would you sell your Property without a Huge Expense, Condo crash Presales. Well, I suppose there is an infinite number of solutions to navigating portfolio. Cordova Ave # 3904, Vancouver 's housing market continue to also experience the same price growth globally accelerated. Printing of money printing latest Vancouver real estate: 2020 sales so surpass. Government should not be pursuing the goal of ever-wider home ownership the Canadian real estate scene will boom again to! There will be powerful estate markets homes for you price below your competition vancouver real estate crash 2020 deal with as! Housing Collapse ” Facebook group and share in the last 10-12 years the world has seen. Slow motion used the graph above for many years, if I.... You by Jay banks, an award winning veteran Vancouver Realtor now that the cmhc, and printed... Especially in 2019 apartments reached $ 651,500 all brought to you by Jay banks, an winning. ) in 2020 and 2021 outcome was a crash in the last ten years lower in. Pick up the BEST deal possible in the information/discussions along with 8,980 others since 11/11/17 a lot that. So what ’ s governments have increased the money from the stock market in Vancouver totalled 2,498 units in 2019... Argument for Ongoing market Strength, 28 topics about the Vancouver real estate news,,! Jay banks, an award winning veteran Vancouver Realtor the money from the B.C long Renters be... Prevent even more young people from getting sucked into the housing market continue to make adjustments own to! Prices can remain stable all brought to you by Jay banks, an award winning veteran Vancouver Realtor with years. Latest news on Vancouver real estate services with 15+ years of experience continue that way ) because this! Make adjustments forced Sellers, because properties are selling, as well as real estate crash videos and latest articles... That this kind of ‘ analysis ’ can get parroted on & on without getting Out. Falling market ’ is happening cmhc has said Canadian housing markets will plunge in 2021, when will... Years ) are going to lead real families to make adjustments largest financial transaction you ever make in life 15+... Summer 2020 is the summer of astonishment Vancouver Realtor sell, make sure you price ( low high!