Real Estate Market Report North Vancouver March 2020

Real Estate Market Report for March 2020

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Covid-19 appears to not have affected the Lonsdale market as dramatically as one would imagine considering the circumstances. Sales were actually up in attached sales compared to the same time period in 2019. Keep in mind, 2019 was a very slow year for North Vancouver compared to the yearly average sales of 133. The Lonsdale market is doing well relative to other communities.

Expect the sales numbers to drop into April as many of the reported sales in March were completed before the Covid-19 quarantine restrictions were applied. As you can see below, the last two weeks of March saw a lower volume of sales as these restrictions started to affect transactions.

YearTotal Sales North VanLast 2 Weeks of March for North VanTotal Sales LonsdaleLast 2 Weeks of March for Lonsdale
2020111315721
2019104555128
Representing attached home sales for the table above

Market Thoughts for April 2020

Competitive buyers market when economy and trade re-open. We experienced a significant demand surge in the Vancouver market during the first three months of 2020, this demand will be further enhanced by the continued limited supply currently available in the market. Before the government shut down there was a 18 month demand build-up, in addition to the expectation of transactions increasing due to the “trapped inside” syndrome we are currently living in. If transactions are up, in a typical Vancouver market this leads to prices increasing in Vancouver due to the lacking of supply.

What does this mean for you?

Talk to your mortgage broker to inquire what mortgage rates you qualify for and get your pre-approvals in place. Rates will likely rise as the economy strengthens so it is advisable to lock in rates now while at record lows. While there is low inventory, there are still plenty of great buying opportunities for a buyer willing to look during this time. Real Estate is deemed an essential service so we are open for business and sellers are still looking to sell. Right now, vacant homes are good opportunities because they are difficult to rent out or generate income on.

If you want to get ahead of the curve start looking at properties now. Protocol to show properties during this current lockdown is such that private showings or virtual showings are still happening by no open houses are allowed.

For Buyers

  • Provide client with COVID-19 links and information from the appropriate authorities
  • Assess your own risk with dealing with your client. Are they ill, or have they recently travelled?
  • Provide options for your buyer client other than attending the property physically
  • Attempt to get videos and photos of the property your buyer wishes to view
  • Do FaceTime showings of vacant properties which are lower risk
  • Complete offers to purchase and service agreements electronically using digital signatures

For Sellers

  • Provide client with COVID-19 links and information from the appropriate authorities
  • Assess your own risk with dealing with your client. Are they ill, or have they recently travelled?
  • Provide options for your seller client other than showing the property physically
  • Attempt to get videos and photos of the property that can be sent to a potential buyer
  • Do FaceTime showings of vacant properties that you have listed, which are lower risk
  • Complete offers to purchase and service agreements electronically using digital signatures

Options to minimize risk: the government has issued a number of recommendations and obligations for keeping yourself and others safe from the spread of COVID-19. This includes the requirement to maintain a safe distance between yourself and others, including clients. Limiting all in-person interactions is encouraged. Because of this, RECBC recommends that in person showings or open houses should not be held at this time. Do not invite buyers to your listing or host open houses or other large gatherings.

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