Market Update September 2020

Dated: 09/30/2020

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The Vancouver real estate market continued on a strong pace last month with a sales volume that was 19.9% higher than the 10-year August sales average. The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 3,047 in August 2020, a 36.6% increase from the 2,231 sales recorded in August 2019, and a 2.6% decrease from the 3,128 homes sold in July 2020.

As sales activity continues to surge we're beginning to see a tale of different markets develop. Last month, active listings of detached homes were 24.3% lower and town homes were 19.2% lower than the same time last year, where as condo listings were 7.1% higher. Sales volume is up significantly across all segments, but the reduced inventory on detached and town homes is leading to greater competition in those markets. Check out the article I've linked to below for more on the growing shift to the suburbs.

Mortgage rates continue to be some of the lowest ever offered, which makes it a great time to lock into a preferred rate with a mortgage pre-approval. These rates won't last forever so if you're considering a purchase it's important that you get started on your mortgage pre-approval. If you would like assistance with the process I'd be happy to help.

The safety of our clients and their homes remains a top priority as we navigate the ongoing COVID-19 crisis. Here at Macdonald Realty, we take that responsibility seriously, and we've implemented a strategy to mitigate any health risks related to a real estate transaction.

If you're ready to make a move, I'm ready to help.  

Chris Lambert
604-340-6457
chris@chrislambert.ca

 
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FEATURED LISTING
203 189 National Avenue, Vancouver
$1,288,000

Welcome to Sussex. This beautiful & spacious move-in ready home has been fully renovated and features 2-beds/2-baths with 1221sf of living space, engineered wood flooring, custom closets in the master bedroom, and quartz counter tops & stainless steel appliances in the well appointed kitchen. 2 side-by-side parking stalls and 1-locker are included.

Click the images below to view the listing

SUBURBAN SHIFT?
A GROWING PREFERENCE FOR DETACHED HOMES

 
As the COVID-19 pandemic unfolds, we're seeing a shift in the needs of homeowners. The need for a home office and more space for the kids is allowing people to reconsider their urban lifestyles and shift to larger homes in the suburbs. Click the image below for more on the new trend.
 

PROVINCE SETS 2021 RENT INCREASES AT 1.4%

For landlords and investment property owners, the province has announced the annual rent increase limit for 2021 at 1.4%. In late March, these increases  were put on hold pending the end of the Provincial State of Emergency. Through a recent change to Residential Tenancy Regulations, this new effective date was changed from the end of State of Emergency to December 1, 2020.

NEIGHBOURHOOD FEATURE
Lower Lonsdale for Under $1,000,000

Lower Lonsdale is one of Metro Vancouver's most popular and thriving communities. The Shipyards and Brewery Districts have brought new life to a waterfront that was once dominated by industrial businesses. Recent upgrades to the Lonsdale Quay bus loop have also increased the capacity of one of the region's busiest transit hubs, which provides easy access to downtown via the Seabus. Click any of the images below for a selection of homes in the area.

 

At Macdonald Realty, we're working hard to keep you safe while fulfilling your real estate needs during C19. We've put together a guide that outlines the extra precautions that you can expect to see.

Click the image above to download a free copy.
 
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DO YOU KNOW SOMEONE THAT IS PLANNING TO BUY OR SELL A HOME?

 
If you know anyone that is planning to buy or sell a home, please consider connecting me. Your recommendations are welcome and appreciated!
 
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Chris Lambert
REALTOR®
Certified Negotiation Expert

Macdonald Realty Ltd.
1050 Howe Street, Vancouver BC V6Z 1P5

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