In the midst of a worldwide pandemic and with virtually no foreign buyers, the 2020 Metro Vancouver housing market shattered sales records and set new highs for price increases.
December nailed an explanation point on the amazing and year, with Greater Vancouver sales surging 53 per cent from the same month a year earlier – to the highest December level in history – and Fraser Valley transactions soaring by 67 per cent.
When the official 2020 B.C. assessments were released this January, it was discovered that total Lower Mainland residential properties had increased in value by $50 billion from a year earlier to an unprecedented high of 1.46 trillion dollars. That is trillion with a T.
As the pandemic surfaced in February of 2020 there were immediate warnings of an imminent collapse in the housing market. Canada’s federal housing agency was among the august analysts forecasting a double-digit dive in the Vancouver-area, with higher-end properties cited as the most at risk.
Instead, it was detached houses, the most expensive property type, that led the Metro Vancouver sales and price increase. Greater Vancouver detached sales in December were up 70 per cent and benchmark prices 10.1 per cent higher than a year earlier. In the Fraser Valley, detached houses dominated the market, increasing 90 per cent from December 2019, with benchmark prices up 13 per cent year-over-year.
We have no doubt this momentum will carry deep into 2021, providing further undeniable evidence of the resiliency of Canada’s most astute home buyers, and the unquenchable desire for homeownership.
The pandemic focused attention of what is truly important in life: family and a home to call your own.
Pandemic vaccines are now rolling out which, thankfully, should put COVID-19 in the rear-view mirror in 2021. But the effect of the pandemic – including the lowest mortgage rates in 100 years, an increase in residential listings and the enhanced importance of a safe and comfortable home – point to another year like no other for Metro Vancouver’s housing market.
Happy New Year!
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