This year things have changed in the real estate market due to the COVID-19 pandemic on Vancouver Island. Previously spring in Vancouver was a good time for the region.
Since February, all the provinces of the country have implemented social distancing and protection measures. All of this limits real estate agents’ work, and home buying and selling have seen a decline.
All social distancing measures, quarantine, and the closure of businesses have had a strong impact on Canada’s economy and the world. Although the real estate market is considered an essential service and they can continue to operate despite the measures.
Despite continuing to operate, the real estate agents have taken the necessary measures for their protection, that of the buyers as well as other people. Thanks to technology, they have adapted virtual views in 3D or 360 degrees to show the houses.
When showing the house to close a business, they take all the necessary measures to guarantee their clients’ safety and themselves. They have also taken virtual signatures to avoid meetings and contagion.
In Vancouver, the presence of the new coronavirus has affected this market, but its effects were not seen at the moment. The Vancouver Real Estate Board reported that the pandemic had not had such a significant impact on the local market in March.
By March, the numbers had increased compared to the March 2019 figures. The list of single-family homes had also increased; experts considered this as a good sign.
Prices also maintained an increase compared to the prices of the same month last year; this increase was approximately 4%. But the consequences were slow to appear, and by April, everything was beginning to change due to the impact of the public health crisis.
The Strong Impact Of The COVID-19 Pandemic On The Vancouver Property Market
In April, the real estate market in Vancouver had a decline related to the pandemic. This impact has been seen in almost all of Canada’s local markets since the pandemic began in March 2020.
The important thing is that it has not fallen to alarming levels, and already in May, the numbers of the expert organizations indicated that the market was recovering. In May, 245 single-family homes were sold in the Multiple Listing Service System. While in April, they sold 189, and in March-May 2019, the total amount of homes sold was 456.
Home Prices On Vancouver Island: Holding Steady
As mentioned above, prices in the real estate market have been able to stay on Vancouver Island. The price of a single-family home for April was $ 528,800. This means an increase of 3% compared to the price of the same month last year.
For many experts, as social distancing measures are lifted, and the economy begins to function, there will be an increase in this market. Accumulated demand will continue and return to the local market, with many buyers wanting to take advantage of low-interest rates.
Specialists in the real estate market have also stated that as demand increases, house prices may rise.
The Government has been very cautious in lifting the blockade measures to avoid an increase in those infected by the pandemic. But they have been gradually lifting measures, and it is already notable in inventories and housing offerings on Vancouver Island.