Market Update: Vancouver, BC
Looking at the latest luxury real estate market report for Vancouver, BC, it is evident that a steady increase in home sales and listing activity continued through the month of June, according to the Real Estate Board of Greater Vancouver.
As the COVID-19 pandemic continues, both sellers and buyers are increasingly becoming more active. Over the course of June, 5,787 new properties were listed throughout Metro Vancouver, an astounding 21.8% increase from last year.
With new listings hitting the market after a slow spring of COVID-19. Buyer activity has also gone up with overall home sales increasing by 17.6% from last June, totaling 2,443 sales.
“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way. Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.” – Colette Gerber, REBGV Chair
Gerber also noted that “home prices have remained steady with minimal fluctuation over the last few months”, and with an increase in buyer demand, there have even been multiple offers on those competitively priced homes in the area.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area.