Vancouver's Real Estate Market Is On Fire | Update For December 2020.

Last month's sales eclipsed 3000 for the 1st time since 2015. Find out what it all means in this month's Vancouver real estate market update video.
This is your Vancouver real estate market update for December 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 November, what’s coming that could affect that market, and a piece of technology I’m using to make your home purchase or sale 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.

I can’t believe this is the last Market update for 2020. What a crazy year it has been. the Vancouver real estate market has been at near-record levels or above since the summer and we seem to be finishing off the year with a bang.

Last month’s sales eclipsed 3000 for the 1st time since 2015. There was a 22.7% increase from the sales recorded in November 2019 and a 16.9 % decrease from the homes sold in October of 2020. Last month’s sales were 24.6 % above the 10-year November sales average.

This demand has been putting upward pressure on home prices, particularly in our detached and townhome markets. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now and this trend favours home sellers in today's market.

It is interesting to note that while demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands, Squamish, and the Okanagan. The COVID-19 pandemic has given rise to many more work-from-home arrangements and the physical distancing policies is causing some home buyers to opt for less densified areas.

I have certainly seen this in my own business with clients opting to move to the Island and Okanagan areas.

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. Feel free to 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?

This is the most asked question I get every day. What is going to happen in 2021? Given the current trends, I don’t see things changing much in Q1 of 2021. In fact, we should see more inventory hitting the market which is typical for that time of year and this will continue to fuel the buyer demand.

Interest rates continue to remain at historically low levels and I am already seeing a huge uptick in people from outside the country looking to relocate to Vancouver.

New Technology

One of the most sought-after and celebrated things I launched on my website earlier this year was the ability to search for SOLD home data for any area in Metro or Greater Vancouver. If you missed that video announcement, you can come back after watching this video and check it out right here. This is an incredibly useful tool for both buyers and sellers and you'll find that link to the functionality on my website right here.

If you're thinking of selling your home in Q1 or Q2 of 2021, reach out to me for an in-depth market evaluation of your home and let me show you how I market my listings like they're an HGTV show and by doing so how I sell my client's homes faster and for more money.

You know, with these market update videos and the fact that the Vancouver real estate market has been at near-record levels or above since the summer, it might be really easy to think that everything is wonderful and rosy out there but it really isn't.

There are many people really struggling physically, emotionally, or financially because of this COVID-19 pandemic and I think it's really important that we understand and recognize that.

I know many people who are suffering from the virus itself physically, mentally, and emotionally because of the toll that this has taken. I think the mental health aspect of this pandemic is greatly overlooked and it is certainly affecting a lot of people as we move through the holidays and into the New Year and there are many people who are struggling financially because of the pandemic.

So my hope for you is that as we move through the holidays and into the New Year, that you're maybe a little more patient with people out in the world. A little more kind. I think if we all show a little more patience and kindness to one another we can get through this holiday season and New Year in wonderful fashion and with a renewed sense of hope and optimism. 

I wish nothing but the best for you and your families. I hope you stay safe and happy and healthy during the holidays and into the New Year. 

I want to thank you for your support. Whether you've been an actual client of mine this past year or whether you've simply been enjoying and watching my videos, I thank you for your support. It means the world to me.

I look forward to seeing you again in the New Year. And until I see you next year, take care and have a wonderful holiday.