COVID-19 and Its Impact on the Real Estate Market

COVID-19 and Its Impact on the Real Estate Market

  • Business
  • Coronavirus
  • Real Estate
April 20, 2020

Social distancing, considered as vital to stop the rapid spread of COVID-19, is implemented in all levels of society. The British Columbia Real Estate Association (BCREA) is asking realtors to stop hosting open houses amid the COVID-19 with support from local real estate boards. Although such action is unenforceable by BCREA and to mandate requires higher level of authority, CEO of BCREA Darlene Hyde is asking realtor to take advantage of digital tools to conduct their open houses. Nonetheless, the market is still heavily impacted by COVID-19.

Vancouver’s real estate market had a great start early march with 2,524 residential sales, 46.1% increase comparing to the same time last year and 17.4% increase comparing to last month. The data is from Real Estate Board of Greater Vancouver’s monthly statistic. Early in the month, it was averaging 138 daily residential sale, as the COVID-19 pandemic pans out, there numbered declined to 93. It is still too early to understand what COVID-19 will do the real estate market because we’re still in the early stages. The decline is expected as people are more concerned about virus rather than focusing on purchasing and selling their property.

It seems the impact on real estate is less severe in Vancouver comparing to other industries (ex: retail, restaurant, other service-related businesses). The sales number speaks, a large quantity of wealthy individual is residing in the city purchasing home in the time where other residence is struggling from job losses to business closure. There are many factors in play that is affecting the market right now. Firstly, it is also a good time to buy because interest rates are low. The effect of low interest doubles down stress test relaxation making purchasing a home much easier. Secondly, people are less willing to list in order to social distancing and will appraiser inspect the property during this time.

Bank of Canada has lowered interest rate to 0.25%, this is a good time to consider refinancing and those who is completing their house soon will get a good rate. It is difficult to have a clear view of demand and supply because it is blurred by social distancing. The good news is that on April 8th, infected rate peaked showing signs of decline. Let’s look forward to what happen in the follow 1-2 month and hope the COVID-19 pandemic end soon so everyone can go back to their life.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.