Hello friends,It’s July 2020! As usual, please find my very brief summary of the latest June 2020 statistics from the Real Estate Board of Greater Vancouver.
Sales: 17.6% increase in June 2019, and a 64.5% increase in May 2020.Last month’s sales were 21.9 per cent below the 10-year June sales average.
Inventories: 23.7% decrease compared to June 2019 (14,968) and a 15.1 % increase compared to May 2020 (9,927).
Price: Benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. 3.5% increase over June 2019 and a 0.3% decrease compared to May 2020.
My comments: The average home price has remained steady in the past several months. With the increasing demand, I start to see multiple offers for properties in both attached and detached homes. Many new listings were sold in less than 2 weeks. Today’s market is still in favor of the buyers considering the average price is still relatively low compared to a few years ago. For investors with a budget under $600k, I recommend studio/1 bedroom units in downtown. The average rent in a normal market is around $1800-$2200. In today’s market, it will take a while to find a good tenant but the sold price for studio units has dropped quite a bit compared to a year ago.
FYI some downtown properties under$550k sold in the past 30 days: https://bcres.paragonrels.com/publink/default.aspx?GUID=bea5a2c0-6b15-4f6e-b3a4-c5346269310b&Report=Yes
Question for the green fingers out there: Does anyone know the name/breed of the flowers in the picture? I have been looking for this everywhere and can’t find it in nurseries.
Stay safe and enjoy the summer!
Sheron
