Quick 30-second summary of August 2020 stats:
Sales 🔼 : 56.2% increase compared from September 2019, and a 19.6% decrease from August 2020. Last month’s sales were 44.8% above the 10-year August sales average.
Inventories 🔽: 2.6% decrease compared to September 2019 (13,439) and a 2.3% increase compared to August 2020 (12,803).
Prices 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8% increase over September 2019 and a 0.3 % increase compared to August 2020.
My comments: We have encountered multiple offers representing both buyers and sellers for different price ranges from $400k condos to $1.5M detached houses in the last couple months. This brings a lot of pressure for the buyers. So we can’t stress enough the importance of getting pre-approved for financing. It is horrible to have to let go your dream place because financing is not in place.
For investment properties under $600k, I still recommend DT condo for a combination of yield and future potential. One may ask since downtown vacancy has affected the downtown market, can I wait a few months and see? The answer is yes you definitely could, but just like the housing market today, who would have thought having to go through multiple offers during COVID crisis?
Average downtown price in the past 10 years:
https://statscentre.rebgv.org/infoserv/s-v1/Ab5I-OoD
Event of the month:
Most people who know me know I have a passion for interior design! The Interior Design show (IDS 2020) started Oct 1, ending Oct 8, 2020. There are virtual talks if you can’t make it. It’s great for people who’re interested to find out more about the new trend in interior design or new technology being used for your home!
Link below:
https://vancouver.interiordesignshow.com/en/home.html
Our biggest ticket sale of the year is here! Take advantage of this sale to get 25% off your IDS All-Access Pass, which…
Posted by Interior Design Show Vancouver on Tuesday, September 22, 2020
