Vancouver Real Estate market continues to break record in 2020 and property assessment value increases

Vancouver Real Estate market continues to break record in 2020 and property assessment value increases

  • Real Estate
January 6, 2021

Real Estate Board of Greater Vancouver (REBGV) released sales data for December concluding the year of 2020. The numbers continue to amaze us: “residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.” The sales price has increased by 20 per cent.

Is this a surprise, or expected? After two years of downward trend, the real estate market recovers amid COVID recession. In addition, the BC property assessment value increased after two years. Single house assessment value on average increased by 10% and condo went up 3%.

There are many factors that contributes to this outcome and we are confident to say Vancouver’s real estate market is resilient. When the economy came into a standstill in March of 2020, everyone was predicting a decline in sales and sales price, which it did happen and quickly recovered in the following month. What kept Vancouver’s real estate market price in-check was the low vacancy rate. Housing is a necessity and could not be avoided. It became more valuable when work form home model was encouraged by the government. When companies realize working from home was viable and could help companies cut cost and workers spend more time at their suite, it changed their expectation of a “home”. It was a buyer’s market until late second half of the year and there were many undervalued options on the market.

The government interest rate reduction was a major factor in driving up the real estate sales. Keeping the rate at 0.25% until 2023 to help economic recovery results in major saving when purchasing an expensive item such as a property or automobile. The banks also decreased their interested rate. As a result, some banks offered a combined rate as low 1.7% for new mortgage application. It was a great investment opportunity in the real estate market for those who can afford it.

B.C. Assessment deputy assessor Bryan Murao. Said “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”

We are transitioning back to a seller’s market in December 2020. Number of detached homes sold reached 1,026 a 71.3% jump over December 2019: apartment at 40%, and townhouses at 62.9% respectively. Single houses are in high demand. The average price increased by 10%. We expect the market to continue grow in 2021.

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.