Bandel & Associates

Direct: 604.678.3333 |

Market News & Blog Updates

Here is what's happening in Vancouver's housing market.

COVID has Impacted our Real Estate Market... What's next?

SEPT 24, 2021.


People have migrated to Real Estate over the past year, but the market looks to be leveling out after a crazy Spring. Still, we are well above PRE-Covid levels.


The new pardigm of workers  (only some) able to work from home is not going to completely dissappear, even after we get past this pandemic. This means the home office is being re-priorized as a must have for many buyers. 


Note the "pre-covid" line at 100 below. Sales, went through the roof in the spring of 2021, then came down to 20% above pre-pandemic levels more recently. Lack of inventory is an issue right now. Definately a sellers market.


With current poor inventory levels, we are likely to see pent up demand continue to push up prices, although not likely at the crazy levels seen earlier this year.


Housing starts is a good indicator that builders/developers are trying to respond to the lack of inventory, but this is going to take time (12-24 months) to impact the market and is usually only a small percentage of total unit sales (re-sale vs new-construction).


Federal goverment polices promised by the Liberals during the fall federal election to increase supply are also welcome, but will again take some time to filter into the supply of affordable homes on the market.


Please call if you have any questions about the market. 


Gabe


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COVID has Impacted our Real Estate Market... What's next?

SEPT 24, 2021.


People have migrated to Real Estate over the past year, but the market looks to be leveling out after a crazy Spring. Still, we are well above PRE-Covid levels.


The new pardigm of workers  (only some) able to work from home is not going to completely dissappear, even after we get past this pandemic. This means the home office is being re-priorized as a must have for many buyers. 


Note the "pre-covid" line at 100 below. Sales, went through the roof in the spring of 2021, then came down to 20% above pre-pandemic levels more recently. Lack of inventory is an issue right now. Definately a sellers market.


With current poor inventory levels, we are likely to see pent up demand continue to push up prices, although not likely at the crazy levels seen earlier this year.


Housing starts is a good indicator that builders/developers are trying to respond to the lack of inventory, but this is going to take time (12-24 months) to impact the market and is usually only a small percentage of total unit sales (re-sale vs new-construction).


Federal goverment polices promised by the Liberals during the fall federal election to increase supply are also welcome, but will again take some time to filter into the supply of affordable homes on the market.


Please call if you have any questions about the market. 


Gabe


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.