Market Update May 2020

Dated: 05/14/2020

Views: 141

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(click any of the images for the full market update)

Home sales and listing activity across Vancouver remains limited due to the ongoing C19 situation, but REALTORS® across the region are fast adopting new tools, technology, and practices to help advise and serve our clients in a responsible way. As expected, we saw a significant decline in sales and active listings, which led to the slowest April we've seen since 1982. 

 

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 1,109 in April, a 39.4% decrease from the 1,829 sales recorded in April 2019, and a 56.1% decrease from the 2,524 homes sold in March 2020. Typically, when sales volume slows we will see an increase in active listings, but new listings in April 2020 were 59.7% lower than April 2019. Prices have remained stable.

 

Mortgage rates have now settled back into the low rates that we were seeing in March, so if you're considering a purchase then now is the time to get pre-approved for mortgage financing. If you'd like any assistance getting started, please get in touch. 

 

REALTORS® have been designated an essential service and we've been working hard to serve our clients in a safe manner during C19. Many people have understandably chosen to put their home buying or selling plans on hold. Others have more urgent needs and we’re working with them to address those needs in a safe and responsible way. I’m hosting meetings via video conference, documents are being signed with digital signatures, and properties can be viewed through video tours and 3D floor plans.

 

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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Blog author image

Chris Lambert

Hi, I’m Chris. I help people like you to buy, sell, and invest in real estate throughout beautiful British Columbia. I love what I do, and I’d love to help you too. I'm an experienced and hard w....

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