06
Aug

July 2020: Surge in Sales; The Need for Affordable Housing Will Rise

The past few months has been a roller coaster ride. With sales hitting low, there seems to be more light at the end of the tunnel. The Real estate board of Greater Vancouver has released the statistics for July 2020, and there seems to be a glimmer of light.


“The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020.

Last month’s sales were 9.4 per cent above the 10-year July sales average.”

Our President Bim Sahdev strongly believes this is cycle which in turn will lead to a stronger, and hotter condo/townhouse market induced by the community’s need for affordable housing; especially in Vancouver and Burnaby. This is what he stated:

“Newest Stats from REBGV are out for July, 2020! There was a 28 percent increase in residential home sales from the homes sold in June 2020.
Many detached home listings in Vancouver are seeing multiple offers. While the prices of detached homes continue to increase, this in turn will create a surge in demand for affordable homes like condos and townhouses.
Expect the condo market to be hot again soon.” Bim Sahdev- President

The reality is that the need for affordable housing will be stronger than ever before. The desire of a detached home in Vancouver for end users or builders will push until a benchmark is perceived. This in turn will create a strong need for the average buyer and young adults for affordable homes. The condo and townhouse market will undoubtedly rise.

Currently, due to the pandemic many are succumbing to working from home. What does that entail? It entails multitasking if you have children and a spouse who also is working from home. Essentially families are of need of more space right now and if they are still employed, consider themselves lucky and want to get into homes with more space; thus the demand to opt for detached homes. Although currently realtors who have listings for detached in Vancouver may be getting multiple offers for their clients, this in turn will lead to prices inflating and people will strive for affordable housing, thus creating a need for more condos and townhomes.