Real Estate Market Update: August 2020

Real Estate Market Update: August 2020

    September 2, 2020


    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.

    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.