The Vancouver housing market remained strong in March, but began to slow down in mid-April due to COVID-19 lockdowns. Vancouver continued to experience high prices and low inventory during lockdowns, similar to pre-COVID levels, and multiple offer situations were prevalent throughout Q2.
May and June 2020 saw a pickup in housing market activity in Vancouver as restrictions lifted and buyers and sellers became more confident and comfortable with the thought of buying and selling.
The housing market pickup is expected to continue throughout the remainder of the summer and into fall as economies are now reopening and Canadians are becoming more comfortable with resuming activities. Moving into fall, based on recent activity, RE/MAX predicts that Vancouver, British Columbia home prices will increase by 3.6% throughout the rest of the year.
While COVID-19 lockdowns in March and April slowed down the housing market in Western Canada, transactions in Kelowna, Saskatoon and Vancouver resumed by May, with sales in both May and June surpassing year-over-year levels. Many buyers put their plans on hold at the peak of COVID-19 lockdowns, but they returned to the market quickly to make up for lost time. Edmonton’s housing market quickly bounced back to pre-COVID levels in June, while Saskatoon experienced its busiest June in years; this momentum is anticipated to continue into the fall market, with RE/MAX brokers and agents estimating a three-per-cent increase in average residential sale prices for the remainder of the year. Overall, brokers and agents in Western Canada say the potential buyers they are talking to are not too concerned with a potential second wave of COVID-19 impacting their real estate journey, and RE/MAX brokers are estimating steady activity to round out 2020.