Activities in the real estate market continues its run in August, last month’s sale surpassed the 10-year August sales average by 19.9%. There is a total of 5,813 listing being put on the market. Statistic from Real Estate Board of Greater Vancouver (REGBV) shows 3047 homes sold last month, a 36.6% increase compared to last year August sales, but 2.6% drop compared to last month. Apartment accounted for majority of the sales (1,332) followed by single house (1,095) and townhouse (620).
Buyers are taking the low interest rate and covid-19 environment to purchase a home at bargain. There are opportunities to negotiate lower than the listing price as people are letting go their homes for financial reasons. Homes located in good neighbourhood will be very competitive. People who held off in the last couple of months due to covid are returning to the market. To further complicate the market is the potential second wave in the upcoming fall season.
Rental income has dropped significantly after the travel restriction. In fact, being able to rent out the properties is an issue. If your planning to purchase a home in today, we suggest considering holding it as a long-time investment or planning to live in it.
Nonetheless, we are at a time of uncertainty. It is difficult to predict what the situation will looks like tomorrow.