Changes in the Market: December Updates
As we close out what has been a strenuous year for all of us, we’re ending our monthly roundups for 2020 with some positive news that perfectly sums up what has been a strange year for the BC real estate market.
Lifestyle Changes Driving Market Trends
It’s been a truly life-changing year for many of us. And with that in mind, it makes sense that one of the biggest drivers behind the real estate market this year has been people’s reorganizing of their priorities.
This has seen the value of properties outside of the cities — with an emphasis on those with an abundance of natural scenery and outdoor recreational opportunities — surge this year, with the price of recreational properties rising by upwards of 10% in 2020.
Driven by people’s desire to move away from crowded urban spaces, this has been a reversal of trends that have dominated the market in the last few years, and it’s something worth keeping an eye on, especially if you own a recreational property and are interested in selling.
Detached Properties On The Rise In BC
When you’re in the real estate business it’s important to keep an eye on even the smallest micro trends, as they can often be the key to securing a better deal for your clients.
Take the recent rise in momentum for detached properties in BC. This is something that’s unusually being driven by demand from outside of Vancouver.
With buyers looking for more indoor and outdoor space, these larger detached properties are increasingly in demand, with numbers showing a 42% rise increase on the same properties this time last year.
When it comes to real estate there’s no substitute for experience or knowledge, and that’s what we provide here at Jack Barker. Whether you’re buying or selling we will work diligently to secure the best deal for you, to find out more get in touch with us today.