September Home Sales in Vancouver—What are buyers looking for?

Following the steady increase in activity from the past 3 months, August saw the early signs of the market cooling.

Some areas saw the same or less sales activity whereas others, such as Metrotown and Downtown Vancouver, still showed an upward trend. The same can be said for the average sale prices. We are also seeing an interesting pattern in buyer activity, particular in the types of homes being sought.

August 2020 Vancouver Detached Home Statistics
August 2020 Vancouver Attached Home Statistics

Houses between 3 and 4 bedrooms were still the most popular; these could be smaller, more affordable homes or homes that requires capital to renovate or rebuild.

1 Bedroom condos were still the most popular in terms of attached homes, due to their affordability, but we also saw a spike in demand for the larger attached homes, such as 3 bedroom condos, duplexes, and townhomes.

This supports the buyer trend of looking for more value for their money.

News of note: 
  • Experts disagree on how pandemix-related job losses will impact Metro Vancouver real estate market (source)
  • B.C. drops maxium allowable rent increases for 2021 to 1.4% (source)
  • Bank of Canada keeps key rate at 0.25%, sees ‘slow and choppy’ recovery ahead (source)
  • Landlords in B.C. feel hit as fewer students rent during COVID-19 pandemic (source)

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