Vancouver Real Estate Market Update For August 2020!

A 22.3% increase in sales from July 2019, a 28% increase in sales from June 2020, and the 4th month of month-over-month increases in our market. Find out what it all means in this month's video.
This is your Vancouver real estate market update for August 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 July.

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. I’m keeping this one short and sweet

So, let’s get into it. There was a 22.3 % increase from the sales recorded in June 2019, and a 28 % increase from the homes sold, last month, in July 2020. Last month’s sales were 9.4 % above the 10-year June sales average.

This is now the 4th month in a row we’ve seen month over month increases in sales volume in our market and the 1st time we’ve been above the 10-year sales average.

You wouldn’t necessarily know we are in the middle of a pandemic given the current market. What we’re seeing is pent up demand from both buyers and sellers that had been accumulating through the year. Inventory remains low as do interest rates which is increasing competition across our market.

This pandemic has had many people re-evaluating their homes and where they live and I believe that is also a factor in our current market.

Here’s what I’ve been experiencing in my business. I’m working with a lot of buyers locally right now and over the past 2 months I’ve had over 100 people from all over the world contact me about moving to Vancouver.

I have some of these clients arriving weekly already.

Every month we’re seeing more and more multiple offers occurring so, If you’re a buyer right now you need to ensure your financing is in place before you even start looking for a home. Get a pre-approval with a mortgage broker or bank so that piece of the puzzle is out of the way. If you need a recommendation for a mortgage broker just ask me and I can connect you with someone. I work with some of the best mortgage brokers in Metro Vancouver.

You also need to do your research. Look at photos, videos, floor plans, and even drive around the neighbourhoods if possible before going to see a home in person. All real estate agents are doing their very best to ensure their sellers and buyers are safe during showings but this isn’t the same reality as 5 months ago when a buyer could go look at 15 or 20 homes over a weekend. You and your agent need to work together to narrow things down to your top 5 homes if possible.

When you do go out looking at homes, don’t be surprised if the 1st one or two homes may be the one for you. It may seem incredibly fast because these are the 1st few homes you’ve seen in person but remember you have been doing countless hours of research prior to this moment so a lot of the legwork has already been done.

If you find yourself in a position to make an offer on a home, that you really like, without any competition I would strongly encourage you to do so.

If you’re selling a home right now the average days on market in Metro Vancouver for homes that are priced right for the market is between 8-14 days. Some places like West Vancouver are three weeks on average. As a seller, you need to make sure you’re hiring an agent who deploys the most cutting edge technology to market your home.

I know many agents have jumped on the video bandwagon since the pandemic began but for agents like myself, for years now I’ve been utilizing professional photography, floor plans, 3-d virtual tours, and most importantly cinematic coming soon and listing videos where I am the host marketing your home like its an HGTV show.

So, if you’re thinking of selling you home, check out some of my previous listing videos here and then give me a call.

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?

BC had been doing very well in controlling its COVID-19 cases but that has changed over the past few months. Can we keep businesses and the economy going strong without having a spike in cases so drastic that the government is forced to re-enforce stricter measures?

Are buyers out there trying to purchase a home now before a second wave hits later this fall?

I don’t have the answers to these questions but they certainly could play a factor in what happens in our market in the coming months.


New Technology

As I mentioned earlier, whether you’re a buyer or a seller you really want to do as much research as possible in today’s market. My website gives you all the tools you need to do just that.

Just over a month ago I put out a video announcing an amazing new functionality on my website that was available to anyone.

Not only can you search for homes in any area on my website but you can now search SOLD listing data for any area as well.

As a buyer or a seller, this is incredibly useful. Down in the description below is the link to that functionality on my website.