Quick 30-second summery of August 2020 stats:
Sales 🔼 : 33.6% increase compared from August 2019, and a 2.6% decrease from May 2020. Last month’s sales were 19.9% above the 10-year August sales average.
Inventories 🔽: 4.4% decrease compared to August 2019 (14,240) and a 6% increase compared to July 2020 (11,424).
Prices 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $$1,038,700. This represents a 5.3% increase over July 2019 and a 0.7 % increase compared to July 2020.
My comments: The rental market in Downtown is still pretty bad. Vacancy rate is higher but that is why it is a good timing to look for an investment property downtown. A studio unit around 450 sf can be rented out for $1800-$2200/ month pre-Covid. It will take some time to find tenants now but at the same time DT units are getting very affordable. Some sold studio units FYI below. With limited supplies, the sales of this type of properties has picked up in August.
Some DT studio/1br properties sold in August 2020: https://bcres.paragonrels.com/publink/default.aspx?GUID=a6d01b2b-9d6b-493f-a120-b5e3c8992608&Report=Yes
Picture of the month:: This fall-like weather makes everyone sleepy including Jayden!
Have a nice weekend!
Sheron
We have been actively involved with Central Oregon real estate sales since 2000, and despite the boom and bust years, 2020 has proven, year to date, to be among the most phenomenal years we have ever seen – with July the pinnacle so far.