We are in unprecedented times no question. There is no historical example of what the ultimate outcome will be from the Coronavirus. With that being said, Vancouver and the Vancouver real estate market has weathered the storm particularly well. Only through great collective effort can this be achieved, I think all Vancouverites should be proud and happy of the place they call home.
The biggest difference from May 2019 and May 2020 is the significantly lower volume of listings. March through June are typically the hottest markets of the year and due to the Coronavirus naturally the number of listings ie. the supply levels are down over half across all markets including Lonsdale. While we saw a drop in sales compared to the yearly average in North Vancouver, we are seeing detached home active listings down 60% while sales are only down 28% year over year. In the attached market, active listings are down 54% while sales are only down 40%. Therefore we are seeing strong sales to active ratios in both the attached and detached market but particularly in the detached market we are seeing strong demand for any homes coming to market.
What Can we Expect from the Local Marketplace?
We are forecasting the strong demand to remain through the summer, as mentioned in the April article, the low sales volume of the previous 18 to 24 months had created a pent-up demand across the majority of the lower mainland markets. More supply will be coming to market over the coming weeks and months as businesses reopen and the general public resume a form of normality in day to day life. With the increased supply, the demand as shown through-out the government shutdown will continue into the summer, where we expect strong sales from a local buyers market. Further more the real estate industry has been highly innovative over this time. We have pivoted to enhance online and video content for all listings and property evaluations. This has made it simpler for the clients and advisors during this difficult time which has limited our ability to tour properties and meet face to face with clients. This increased online presence and video content has expanded the exposure of our listings significantly. For example 2901 120 W 2nd Street. No longer is it necessary to physically walk through a property to get a true experience of what it is like to be there and this is a huge leap forward for us and our industry.
Spreadsheet of Real Estate Market Data for North Vancouver
|Year||Total Sales North Van Attached (March)||Total Sales North Van Attached (April)||Total Sales Lonsdale Attached (March)||Total Sales Lonsdale Attached (April)||Total Sales Lonsdale Detached|
Lower Lonsdale Condo For Sale Coming Soon (Photos Below)
Beautiful fully renovated 2 bedroom and 2 bathroom corner unit condominium in the reputable Time Building in the heart of Lower Lonsdale. Floor to ceiling windows and exposure to the south offers an abundance of light throughout the home. Features include, but are not limited to – first-rate kitchen appliances and finishes, remodelled bathrooms, gas fireplace, motorized blinds, wet bar and views of the inner harbour from the living area, master bedroom, and private terrace. Situated conveniently nearby the Shipyards District shops, amenities, parks and the Spirit Trail, as well as the Seabus to downtown Vancouver from Lonsdale Quay.