Vancouver Real Estate Market For July 2020

What does a 17.6% increase in sales between June 2019 and June 2020, a 64.5% increase in sales from May 2020, and the 3rd month in a row of month over month increases in sales volume in our market all mean? Find out by watching the video.

This is your Vancouver real estate market update for July, 2020 and we’re getting after it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.

In today’s video, I’m going to cover what’s happened in the Vancouver real estate market in the month of June, what’s coming that could affect the market, and a piece of technology I’m utilizing to make your home selling and buying experience a smoother one.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s dive into it. There was a 17.6 per cent increase from the sales recorded in June 2019, and a 64.5 per cent increase from the homes sold, last month, in May 2020. Last month’s sales were 21.9 per cent below the 10-year June sales average.

This is the 3rd month in a row we’ve seen month over month increases in sales volume in our market and the 1st time we’ve seen a year-over-year increase for a given month since February of this year. Home prices have remained steady with minimal fluctuation over the last few months. With the increasing demand, we are still seeing multiple offers for homes priced competitively for today’s market.

The Real Estate Board of Greater Vancouver has also given the go-ahead to resume open houses, however, they will be very different from what you’re used to and it’s definitely not back to business as usual. 

Real estate agents working for both buyers and sellers must continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way. REALTORS® listing homes are strongly encouraged to help potential buyers prescreen homes more thoroughly by creating video tours, producing floor plans, and increasing the number of high-resolution images for properties.

Agents working with buyers need to ensure their buyers are reviewing these video tours, floor plans, and photos as well as even driving through the neighbourhood before making an appointment to view the home. This is fantastic for both buyers and sellers as it is helping to streamline the home buying and selling process.

When you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a great way to arm yourself with tons of knowledge on your market area. To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports. If you’re watching this on Youtube, in the description section below is a link to a sample report which I send to my clients on a monthly basis. You can review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

With BC now in phase 3 of its re-opening, the stock markets continuing to do well, and the Federal government announcing the extension of the CERB until December, it will be interesting to see what affects, if any, this will have on our market. 

It is also going to be interesting to see what happens this summer with many British Columbians traveling within the province to vacation. There have been slight seasonal slowdowns in sales activity through the summer in past years as people head off on vacation but with many people not venturing far or opting to stay home this summer, will this have an effect on our real estate market.

I’ve heard from many families who are looking to move and want to do so before the end of summer and the beginning of the school year.

New Technology

Since the start of the pandemic, I have continued to produce my listing videos, supporting local businesses videos, and market update videos but one thing I hadn’t been able to do was the neighbourhood video tours. Since March, I’ve been bombarded with requests for more of these kinds of videos and I’ve got great news for you.

Last week I released the first neighbourhood tour, after many months, about the top 5 neighbourhoods in Burnaby.
With the release of that video, I have now filmed 35 neighbourhoods in Metro Vancouver with many more coming this summer. These videos have become hugely popular with those looking to move from one part of Metro Vancouver to another as well as those relocating here from other parts of the country and the world.

I have to confess, these videos take a huge amount of time to film and edit but I know you want them and find them valuable so I will continue to provide them for you.

Often, the best parts of my day are when I receive a phone call or email from someone looking to buy a home and they tell me how much my videos have helped them in their home buying journey.

I can give you a little inside information that next week’s video will be about the
Top 5 Neighbourhoods in Port Moody. So, keep an eye out for it.