Record Sales - October Updates
Our latest news update still comes to you from a place of uncertainty. With the pandemic still holding its grip on the housing market, and the economy at large, predicting even as far as next year remains a tricky proposition.
However, the news in the present does present some opportunities for homeowners and buyers alike. Let's take a look.
In what has been one of the dominant trends in 2020, buyers are continuing to flock from the Lower Mainland to smaller coastal areas on the Sunshine Coast and Vancouver Island - both of which have seen record-breaking numbers for both home sales and price increases.
A 152% year over year increase for sales in Powell River
A 100% year over year increase in sales for Vancouver Island
This has been driven largely by two disparate groups of buyers - retirees looking to accelerate their retirement plans, and millennial buyers looking for more space and more affordable housing as they relocate away from cities.
Sales Continue To Rise
Across BC, the real estate market continues to defy expectations and perform well in spite of a broader economic downturn, convincing many that historic economic models may prove poor predictors for how Covid-19 will affect the real estate sector.
The numbers for January through September show a 25.1 increase on sale values (at a total of $49.7 billion) in comparison with the same period last year.
It may be a tricky time to sell our buy - but that doesn’t make it the wrong time. If you’re uncertain about your next move, get in touch with us today and we can help talk you through your options going forward.