This is Sumeta Bhushan, your Vancouver real estate agent.
In today’s video, I will be talking about…future forecast for Vancouver real estate in 2021. So far, the Vancouver market has done very well during this pandemic. Total home sales in 2020 exceeded 2019 sales by 22%.
- DEMAND RISES DURING COVID
During the covid, Lots of people are working from home, need more space, so we’re seeing a huge demand for single-family and townhomes especially in Fraser valley. At the same time, inventory continues to be record low. This has resulted in the biggest price increases in 2020, average home prices increased by 7.4 percent in Greater Vancouver, and in the Fraser Valley, prices increased by 9.5 percent, compared to 2019.
- LOW-INTEREST RATES
Another huge driving force is the interest rates, the rates will continue to be record low. The Bank of Canada maintained its interest rate at 0.25 percent and likely keeping that rate until end of 2021.
- HIGH IMMIGRATION
Also, In 2021 the immigration may resume, as the Government of Canada has set a target of 1.2 million new immigrants next 36 months. So, for the next three years, demand for housing will still be very high.
So in 2021, we expect that the demand for homes will continue to go up, all these factors- low inventory, low-interest rates, new immigrants, will put upward pressure on prices in 2021 and the prices may go up by another 5%- 10% this year.
Obviously, I’m pretty positive about the Vancouver real estate market and my advice to buyers would be, take advantage of where prices and low-interest rates. If you are looking to sell, a very good time to sell as the sellers are getting top dollar for the property, with so many buyers out there and so few properties in the market.
Contact me at 778-919-8064 or email me at firstname.lastname@example.org for a free consultation, happy to provide my real estate expertise and advice.