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Steve Buchsbaum

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October 2020 Market Update

 

More disposable income, tight supply keeps B.C. housing market strong despite COVID-19: report

Not even a global pandemic can keep the province's real estate industry down

The British Columbia Real Estate Association's latest report, The Unusual World of Pandemic Economics, seems to contradict its title. Or maybe that's the point.

In any case, the hammering that many parts of the economy have seen thanks to the COVID-19 pandemic hasn't been felt by the province's real estate industry, at least according to the BCREA.

"Looking at recent data in the housing market, it would be difficult to tell there was a recession at all," said BCREA chief economist Brendon Ogmundson in a release. "In a typical recession, we would see falling demand and rising supply, but this recession is anything but typical."

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

B.C. Election 2020: How, where and when to vote

Mark Oct. 24 on your calendar to cast your vote in the provincial election. But first, make sure you are registered to vote by Sept. 26.

In order to be eligible, you must be 18 years of age by Oct. 24, a Canadian citizen, and a B.C. resident for the past six months.

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B.C. Real Estate News

BRITISH COLUMBIA

Why real estate prices continue to rise despite the pandemic (CBC)

LOWER MAINLAND

Home prices haven't declined in Metro Vancouver since the last B.C. election. But talking about them has (CBC)

Housing market activity reaches historic levels in September (Global Newswire)

Vancouver home sales surge 56.2% to record level for September (CBC)

Fraser Valley home sales increase leads province (Business in Vancouver)

Richmond saw more home sales last month, real estate data shows (Richmond News)

Vancouver home sales set new record for September (Cambridge Times)

Downtown Vancouver office vacancies rise to 4.6% (Business in Vancouver)

Douglas Todd: Vancouver remains a top destination for offshore luxury buyers, despite COVID-19 (Vancouver Sun)

Proposed Vancouver pilot program aims to address housing for 'missing middle' (CTV News)

WHISTLER & SQUAMISH

District of Squamish seeks to incentivize environmentally-friendly construction and density (Squamish Chief)

Record $8.4 million sale shows legs of luxury market (Western Investor)

Residential-commercial building proposed for former downtown Squamish gas station land (Squamish Chief)

Whistler real estate market bounces back after COVID shutdown (Pique News Magazine)

VICTORIA & VANCOUVER ISLAND

Vancouver, Victoria home sales break records (Western Investor)

Consumer Interest In Homeownership In Victoria Unwavering Over Course Of Pandemic (Business Examiner)

VIREB says island's hot housing market ‘fueled by pent-up demand, low mortgage rates' (My Comox Valley Now)

Greater Victoria real estate sales remain hot through September(Goldstream News Gazette)

August and September see record real estate sales, as spring market shifts to fall(Times Colonist)

OKANAGAN

Kelowna condo tower looks like investor play (Western Investor)

Okanagan's real estate market stays strong into fall (Global News)

Historic building in downtown Kelowna about to be listed (Global News)

Kelowna real estate soars: 10,000 registrants interested in new tower (Global News)

 
 

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