Week 22 – Market Update

Overview

For the second week in a row the 22nd week of 2020 flashed some promising signals.

This was by no means a good week in terms of the Vancouver real estate market. However, given the uncertainties of the Covid-19 pandemic there are generally positive signs.

We see that in general sales are trending upwards, inventory levels are stabilizing and time on market is decreasing. These are all positive signs and indicate that the worst (at least for now) is likely behind us (that being mostly mid-April).
Vancouver West (Westside)
Houses (Detached Homes) – Vancouver West

This past week we saw the highest number of sales since the pandemic took hold in late March. Two of the last three weeks also saw a significant number of over asking price sales and total inventory has tapered…although the time on market remains elevated.

Apartments – Vancouver West

Sales more than doubled over the previous week. Returning to levels not seen since the pandemic...