UNPRECEDENTED TIMES, lead to a halt in the real estate market in Greater Vancouver in the middle of March. 

March 2020 Market Update & COVID-19 from the Real Estate Board of Greater Vancouver detailed report CLICK HERE

Real estate sales for the beginning of March 2020 were brisker than in the past couple years, with some properties going into multiple bids. Before Covid-19, the low end market to the mid range market was starting to take off. Sales for January, February and the first two weeks of March showed the market gaining momentum in the low to mid priced homes. It certainly looked poised for an excellent spring Real Estate market. When the Government declared a state of emergency the market came to a screeching halt. Home showings and sales slowed completely down. This was due in part to the lack of knowledge that Realtor® services were to be classified as an essential non-health service. Now Realtors are proceeding cautiously, working within the health guidelines from the Government and the Real Estate Board of Greater Vancouver.

What will the effect of COVID-19 pandemic have on our Real Estate market? We are not sure. The closest similar event that our market has gone through was the 2008 market crash, but that was very different than what we are experiencing now. I have heard a wide variety of opinions on how this will unfold. Some opinions are very optimistic because there was a pent-up demand, and many purchased at the end of Feb/ beginning of March. To we are going to move into a great depression. There is no crystal ball, but for those that can wait to sell or purchase we are encouraging it. We want our clients to be safe and right now the way to be safe is to stay home. Those who need to sell or purchase, we are carefully proceeding.

• Listing information, SELLERS PROCEDURES
• Purchasers, BUYERS PROCEDURES

Stay Safe and if you have any questions regarding March 2020 Market Update & COVID-19 market conditions CONTACT US