OCTOBER 2020 Market Update

HOME SALES and NEW LISTINGS were at near record levels in OCTOBER 2020 across Metro Vancouver.

Greater Vancouver Sales:

Up 29% over October 2019

Up 1.2% from September 2020

Up 34.7% above 10 year October average

Metro Vancouver benechmark price for a detached home is $1,045,100.


*potentially a focus on the importance of home due to the pandemic, for work and safety

*pent up demand from a slower spring market due to the pandemic

*low interest rates

Is it a good time to BUY?

It depends on what you are looking for. There are more properties for sale so more choice. Some markets are slower like the 1 bedroom condo in Vancouver. Some markets are very busy such as detached homes on the east side, especially under $2,000,000 and under $3,000,000 on the west side of Vancouver.

Let me know what you are looking for and I can tell you what is going on in that pocket!

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Michael Geller, a contributor to the Vancouver Courier re: real estate/housing issues, always has a clear and calm view of the situation.

Six False Creek affordable housing lots still empty after three decades: Vancouver Sun front page story March 10, 2018

While I didn't write this story, I feel partially responsible for it.
     During the recent debate about the forthcoming North-east False Creek development, much was made of the city's promise to include significant affordable housing. This prompted me to comment that this was a noble goal, but before getting too excited about these units, what about the 6 empty social housing parcels lying fallow along the North Shore of False Creek?
     I knew about these parcels because I was given a tour of them by Concord Pacific during the 2008 municipal election. Furthermore, I was involved as an expert witness in a lawsuit over them a few years ago. Following my comments, Lori Cuthbert contacted me. I happily put her in touch with Cameron Gray, who was the City's Housing Director, and while not directly involved in the acquisition of these sites, knew why they remained undeveloped.
     I told Lori that I thought it was outrageous that these sites remained undeveloped, not as a criticism of Concord Pacific, but rather of the city, province and feds who could have come up with a strategy to see these parcels developed with affordable housing, even in the absence of deep government subsidies. Enough said.

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