Vancouver Real Estate Is Finished with COVID-19!

Vancouver Real Estate Is Finished With COVID-19!
Every now and then, we feel the need to do a bit of a ‘set things straight’ topic. Today is one of those days, and it’s going to go against the grain of what the general news is saying about Real Estate in Canada, not just British Columbia, or Vancouver for that matter.
For a while now, the talk has been heavily weighed to COVID-19 crashing the market, entering into a recession/depression, prices coming down 18% etc etc. This talk carried on for a while, then we showed promising results, it was called ‘a dead cat bounce’, and the talk resumed to the previously mentioned negativity.

To be frank, we’ve recovered. Yes, we dipped and activity was very slow and most plans got put on hold. But we are now here in August and those plans have certainly come OFF hold, and are back in play. Even from a personal standpoint, Realtors are extremely busy. It seems all of us are dealing with multiple buyers and sellers right now looking to make stuff happen. Looking at the numbers and actual FACTS, the market has certainly heated up.

After all this talk of the real estate market going to tank-  Greater Vancouver, Edmonton, Saskatchewan, The Okanagan (all very different areas), have rallied and reported very hot numbers. Greater Vancouver itself just saw numbers beat 10-Year averages, prices have not reduced and home buyer demand is up. In fact, another month at his level of activity or even a slight cool down, has us legitimately BACK in a sellers market. Thinking in any way that Covid-19 is not done with us yet, and it’s going to make the market tank is just naivety at this point.
Now for all you ‘Nay-Sayers’ out there, we know you’re reading and waiting to pounce here. If Covid-19 has a second wave and we all go into lockdown again, or the infamous great depression (which you’ve been predicting for the last 6 years) comes around, yes, we will potentially see a market shift. But the key word there was IF. Until that happens, it’s all speculative and most of you have been ‘speculating’ for a decade while the market has been ‘doing’ and actually increasing over time.

See, when you’re so set on the market dropping i.e. 20% coming off the top, you fail to see the actual ‘deal’ out there. The deal in itself, particularly for Vancouver, was the opportunity to purchase a home without being in multiple offers and having the added pressure of competing buyers. Before Covid-19 we were extremely busy here. Multiple offers, sales over asking, and quick turnaround times were daily practice. The deal that Covid provided you …  Was less pressure. But you were too focused on wanting to see 20% off the top that you couldn’t recognise what was in front of you.

What really grinds our gears most about this type of thinking, is a lot of people out there CAN get into the market now, but they spend all the time speculating, listening to the news or their favourite friend (probably a Karen) who knows nothing about the day to day in real estate and what the market is actually doing. So they delay, and they delay, and over time prices increase, and now it’s too late. If you speculate for 5 years and finally see prices drop 5%, is that really a win if the market increased 20% overall?!?!

We know this goes against the grain from what the mass media, and those nay-sayers out there are saying. But we felt we needed to clear the air. The news is geared towards negativity, it’s a business and about viewers/money. The nay-sayers are bitter and the age old saying ‘misery likes company’ sums that one up completely!

We hope we’ve broken the barrier for you. As always, thanks for tuning in!

Until next week,

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523