Fraser Valley’s Real Estate Market Performance During COVID-19

 In Market Update

COVID-19 has impacted us all – whether it’s work, school, or the whole lifestyle. Many people were affected by the pandemic including plans of purchasing or selling a home. Back in March and April during the lockdown in British Columbia, real estate activities began to slow down as people and businesses were trying to figure out how to live their daily lives with the health crisis. Even during the lockdown period, Vancouver real estate continued to experience high prices and low inventory. 

 

Continue To Set Records

 

As restrictions began to lift in May and June 2020, buyers and sellers started to feel more confident and comfortable with the process of house hunting and selling. People began to continue their day-to-day life with safety measures and restrictions in place, navigating the new norm. The housing market definitely saw a huge pickup in June 2020 as the industry and the consumers continued to successfully adapt to doing business during a pandemic. “Property sales in the Fraser Valley more than double in one month as buyers return to the market” – Fraser Valley Real Estate Board reported. July 2020 was another busy month as the Fraser Valley Real Estate Board saw the second-highest number of both property sales and new listings ever recorded in July. The real estate market is heating up and expected to continue throughout the remainder of summer and into fall.

 

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Low-Interest Rates

 

In response to the coronavirus outbreak, the Bank of Canada has made a few interest rate changes over the last months. Real estate is doubtlessly one of Canada’s largest economic sectors and with lower interest rates, it definitely encouraged many Canadians to jump into the market again. With such low rates, many people have been taking advantage of the opportunity to purchase homes, helping the market pick up again. These challenging times don’t mean it’s not the right time to buy a home. In fact, buyers who saw an opportunity and were courageous enough to go out to search and took action in the last few months found great success and we see that in the numbers shown in the monthly statistics!

 

Adapting To The New Norm

 

When COVID-19 had just started and during the lockdown period in BC, real estate was deemed as an essential service across Canada. However, real estate agents had to find new ways to operate, adapted to safety guidelines, and made sure the entire process was safe for everyone. A trusted real estate agent works to meet the client’s needs – whether it’s buying or selling. With the help of technology, agents were able to find creative solutions to showcase homes including virtual tours, photography, videography, virtual open houses, and more! During Phase 3 of BC’s Restart Plan, the Boards have reached an agreement to resume open houses with recommended safety guidelines. During this challenging time, it is important to be cautious and mindful of our actions but still finds ways to live our daily life by adapting to the new norm. 

 

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Every industry is struggling to find new ways and constantly coming up with alternative solutions to operate their business. Real estate is not an exception and definitely one of the major industries that quickly came up with the proper solutions for realtors and consumers. The market has definitely picked up as Chris Shields, President of the Fraser Valley Real Estate Board reports that “we are seeing better sales volumes increase month over month because buyers are recognizing that the Fraser Valley offers increased choice and diversified housing opportunities while offering more values as well”. If you are looking for a new home or want to sell your home, don’t wait any further as the market is already competitive. For advice and any real estate need, contact our team and we’ll be happy to help you!

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