Pandemic Effects on Vancouver's Realty
According to April's real estate numbers, sales activity and housing inventory in Greater Vancouver dropped 39 per cent and 34 per cent respectively. Prices remained flat as buyers balked at the thought of moving during a pandemic while sellers were hesitant to open their homes for viewings, resulting in significant declines in both supply and demand. Overall, the market appears to be balanced. Bidding wars are still occurring and it remains a sellers' market for condos under $700,000 and detached homes around $1.6 million, whereas the market for more expensive homes tends to favour buyers.
Tags : INTERNATIONAL Real Estate pandemic Bidding wars sellers' market condos