From a market update perspective, we've seen historically low-interest rates this year. First time home buyers had the opportunity to enter the market and for those wanting to upgrade or do a lateral move, the time was very convenient.
With curbed travel, we saw an unanticipated boom in the recreational property market. For many, the 10-year plan to buy an island getaway or the lake cabin turned into a 1-year plan.
During the past few months, I've had the privilege of selling 6 gulf island homes, browse the Recreational Property section on my website for more details.
The refreshed Katie Burkard website and all social media will be updated frequently with new projects and showcasing more of what I love.
A YEAR IN REVIEW - A FEW WORDS FROM OUR MANAGING BROKER ANDREW CARROS.
After a slow 2019 in the Vancouver real estate market, 2020 started off strong but all momentum was completely stopped in March due to the global pandemic. With the world at a standstill, it was near impossible to predict how the market would react. As people were quarantined in their homes and adjusting to working remotely, one thing became apparently clear; if you aren't happy with your living conditions then now is the time to make that change. Vancouver experienced something it hasn't for many, many years, a strong local market. The typically strong spring market was delayed and pushed into the summer, continuing into the fall. We saw increases in the number of sales in every region and price points across the board. The main focus on buyers was space with less focus on convenience. The detached and attached townhouse market saw the biggest jump in sales. This strong market was buoyed by the historically low-interest rates and we saw a continuous movement from sellers looking to upgrade their living conditions. We also saw a push into areas outside of the downtown core, as well as, people looking for secondary recreational properties. It was an unprecedented year that we may never see anything like it again. Coming into the winter months the market has slowed in large part to the resurgence of Covid 19 but I foresee a stable year ahead, still mostly local buyers and sellers but as the borders reopen and people are able to travel and move abroad I wouldn't be surprised if Vancouver sees an increase to more international buyers once the pandemic has subsided. This likely won't be until 2022 but local Vancouverites should make any moves while they can in 2021 because Vancouver will once again become a desired destination for immigration. Much how locals are redefining where they would like to reside so will the rest of the world once life becomes more settled elsewhere. Vancouver still remains one of the most livable cities on the planet and it won't be long before we see international attention turn back our way.