March 2020 Housing Market Update

By: Cheryl Davie

March 2020 Housing Market Update

Tags: Homes in Vancouver, Vancouver Housing, Real Estate, March, Vancouver Dream Homes,

 

 

Strong March Sales Were Noticeably Slowed As The Nation Is Told To Stay Home
 

The first two weeks of March were cited by the Vancouver Real Estate Board as the busiest days of the year for the region. Overall, sales are up 46.1% when compared to March 2019 and 17.4% from the month prior.

This will mark the 9th month in a row of double digit year-over-year sales increases.
 

The 4,436 newly listed properties in March 2020 is 10.4% less than what we saw in March 2019. Despite fewer properties coming to market, this is still a 10.8% increase when compared to February 2020. 

 
All Signs Pointed Towards a Seller's Market, But the New Pace of the Market Stands to be Determined  
Last month, sales-to-active ratios rose for all property types. All ratios indicate a favourable market for sellers with condos at 28.9%, detached properties at 21.1% and townhomes at a whooping 33%.

Given the context of COVID-19 and it's impact on our industry, Vancouver’s already low housing supply will likely be impacted over the coming months. Virtual tours and video calling are fantastic marketing tools that will allow buyers and sellers to stay engaged while following the government's recommendation to stay home.

Buyer demand will also be presented with the challenge of economic uncertainty, despite further lowered borrowing rates. 

 

Realtors Were Named An Essential Service, But It Will Not Quite Be Business As Usual 

The Real Estate Board of Greater Vancouver (REBGV) is strongly recommending Vancouver realtors follow the government recommendation to limit social interactions associated with COVID-19.

To best support these recommendations, the board’s position is that members should refrain from holding open houses and has removed the rule requiring that properties listed on MLS be made available for showings. 

Our industry is fortunate to have the ability to adapt and use the technology that's at our disposal to assist us. We have a responsibility to ensure housing and shelter needs are met, while keeping health and safety as the first priority. 

The measures being enforced to fight the spread of COVID-19 are truly unprecedented, so to make a prediction as to what will happen next, when and for how long is hard to stand behind. During this uncertain time, while it's hard to field questions from buyers and sellers alike, the best support will be staying in touch. Let’s keep connected, stay healthy, and get through this together one day at a time

 

COMING SOON

 
2788 East Pender Street, Vancouver, BC

This absolutely gorgeous home, located in Hastings Sunrise, rests on an extra-large 155 x 33 lot, which offers laneway potential. The home was renovated to the studs in 2011, raised to create a full height basement, with another level being added on top. Designer interior finishings featuring inlay tile detailing, chef’s kitchen, over height ceilings and high end fixtures throughout, this home offers the ultimate in Contemporary Character. Coming to market late April/early May. 
 

RECENT SALES

 
#1903 - 125 Millross Avenue, Vancouver, BC
Listing Price: $769,000

Conveniently located next to the water in False Creek, this beautiful 2 bedroom, 1 bathroom 800 sq/ft apartment was built in 2007 and saw an upgrade in 2013. It's close to the skytrain, Rogers Arena, Science World and shops along Main Street for your enjoyment. During the sales process, this home had 5 offers on the table but with my aggressive approach we were able to successfully win by bidding over asking price!
 
 
38509 Westway Avenue, Squamish, BC
Listing Price: $1,089,000

This 5 bedroom, 3 bathroom family home offers over 2000 sq/ft of living space with several upgrades and is situated on a 7700 sq/ft lot. It features a mortgage helper suite with a separate entrance, plenty of parking and is surrounded by a large network of hiking and biking trails for your amusement. My client and I wrote on several places and were unsuccessful until we spontaneously came across this place. 

Within 3 hours of it being listed, we wrote on it and won without even seeing it. It wasn't until the next day that we actually drove up to Squamish and saw it for the first time. At the open house, there were several people interested and a little upset to find out it was already off the market. 
 
 

ACTIVE LISTINGS

 
#201 - 211 12th Street, New Westminster, BC

Welcome to Discover Reach, a well maintained and sought after building in vibrant New West. This convenient and central location is close to the skytrain, shops at the Quay, the boardwalk and fabulous restaurants on Columbia street. This corner unit features 2 bedrooms with a split layout designed for privacy and walkout from the master to the large, covered, west facing patio. Full updated kitchen (2018) complete with SS appliances and stone counters, the living space is open concept with bay window design and a cozy gas fireplace. Completed in 1998, this building includes a clubhouse/party room, bike room, storage and secure parking. It is well maintained with roof and balcony upgrades in 2013 and close to Lord Kelvin Elementary School.
 
https://www.youtube.com/watch?v=n5qMCBZFChM
 

EASTER COLORING CONTEST

 
 

UPLOAD YOUR SUBMISSION TO THIS LINK:

https://www.facebook.com/events/1560361500780521

 

Interested in what your home is worth?

Many people often wonder what their home is worth, and would rather do that without discussing with a realtor.  While we love to sit down with our clients, we also have an easy online tool that can give you a little suggestion as to what your house might be worth. 

Head on over to our website to see what your home is worth.