September 2020 – Monthly Vancouver Real Estate Update

Summary

September isn’t usually a record month in the Vancouver real estate market.

Typically, it’s a bit slower as people return to their routines after summer. There’s often a bit of a summer hang-over before the fall market really gets underway.

As with so many other things, this year is different.

We saw a massive +40% increase in Sales year-over-year for Vancouver (and about 20% over the 10-year average). The 978 Sales that were recorded were the most ever sold in the month of September.

On first blush, that’s pretty astonishing given that we are still in a pandemic with so much uncertainty swirling around us. But, there are two things that appear to be driving this market right now.

Interest rates and lifestyle priorities.

For one, we are seeing incredibly low interest rates. That’s making things more affordable for buyers. While banks are making it more challenging to qualify for mortgages, those that CAN qualify are securing amazing rates.

Secondly, many people appear to be reassessing their life. Our homes being at the center, many are prioritizing some kind of upgrade from their current home…whether that means moving to something bigger, smaller or in a different community.

The result? Record levels of activity.

The most active segments of the market have been detached homes in both East Vancouver and the Westside. Most negatively impacted have been condos in the downtown core…as people are choosing to leave high-density areas and relocate to areas of lower density.

If you believe that this pandemic will get under control in the not-too distant future (eg with vaccines made widely available) then you may want to consider purchasing one (or more) condos downtown.