Imagine living in a high rise. You’re on the 16th floor waiting for an elevator, one comes eventually. But the 4-person limit means it’s full. You replay this scenario a couple of times before you carry on with your day. The pool is closed. So is the gym. In fact, most of the communal spaces that draw the condo crowd are now off-limits.
It’s this scenario that causing the condo market to soften while Vancouver townhouses, duplexes, and single-family homes seem to be on the rise.
Stats from the REBGV
Overall, The Real Estate Board of Greater Vancouver says October home sales were up 29 percent compared to a year ago, making it the second-best October on record. Housing sales have soared 20 per cent this year in the Metro region and are up 22 per cent in the Valley. Detached houses are leading the charge in both markets.
The composite benchmark price for all home types is currently $1.045 million — a 6% increase from October 2019, and a 0.4% uptick compared to September 2020.
However, in Vancouver, the rates for condos have been relatively flat, unusual in a city where the condo market is usually robust.
This finding was mirrored across Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission. The trend has caused experts to predict that condo markets across major cities will continue to weaken into 2021.
The pandemic has caused buyer preference to shift from condos to semi-detached and detached housing—options that offer greater privacy and space to enjoy within family/friend bubbles. Interest in greater patio and yard space has helped contribute to a growing interest for townhouses and duplexes in Vancouver. Moreover, the work-at-home trend may increase space demands within the home, adding to upward pressure on the detached home market. Of course, this is speculative as affordability remains an investment factor.
COVID conditions will continue to contribute to the divergent prices in different housing sectors. It’s a complex situation, but also one that’s causing people to consider more suburban out-of-way locations with renewed interest. After all, there’s no commuting when working from home.
With the earliest hope for a vaccine around the middle of next year, Vancouver’s housing market may be in for some unusual twists and turns that potentially create opportunities for both buyers and sellers, depending on the product.
Working with Ariane Benjamin
As an experienced townhouse realtor, Ariane Benjamin focusses on the purchase and sales of townhouses in Vancouver Proper. Her one-on-one approach exemplifies a customer-first attitude, allowing her to deliver results and value while coordinating swift, smooth transactions. Ready to discuss buying or selling? Schedule a complimentary consultation. Get started by calling (604) 779-1500.