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May 2020 Market Update

 

B.C. real estate faces COVID-19 slump. But how deep and for how long?

British Columbia's real estate market is bracing for a major hit from the COVID-19 pandemic, but experts are split on how serious the downturn will be.

The B.C. Real Estate Association is predicting the pandemic will cause an initial deep recession leading to sharp decline in home sales, but a rebound by next summer driven by pent-up demand if the pandemic has not dragged on too long.

The consequences of a major real estate slowdown could be pronounced.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Gatherings of up to 6 people to be allowed in B.C., just in time for the long weekend

Small dinner parties, backyard barbecues and hugs with family are set to return to B.C., just in time for the Victoria Day long weekend, while haircuts and elective surgeries might be available again within weeks.

The provincial government announced its plans Wednesday for a gradual return to normal life in the midst of the COVID-19 pandemic.

As of next weekend, gatherings with two to six guests are OK, as long as there's a strict understanding that no one will socialize if they have any symptoms of COVID-19, including coughing and sneezing. Provincial parks will be open for day use as of May 14.

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B.C. Real Estate News

BRITISH COLUMBIA

Demand will fuel B.C. real estate in 2021 after COVID-19 recession: report (Globe and Mail)

45,000 people have applied for B.C.'s temporary rent supplement (CTV News)

Developers and realtors adapt to new COVID-19 realities (Vancouver Sun)

For B.C. real estate, will COVID-19 bring down the house? (BC Business)

LOWER MAINLAND

Vancouver homeowners can wait until Sept. 30 to pay property taxes (CTV News)

Lower Mainland rental, real estate markets hold steady amid COVID-19 (CityNews)

Metro Vancouver home sales hit 38-year low in April (Vancouver Sun)

WHISTLER & SQUAMISH

49 new temporary homes on the way to Squamish waterfront (Squamish Chief)

Squamish developer receives quarry permit (Squamish Chief)

Sanitizing Squamish (Squamish Chief)

VICTORIA & VANCOUVER ISLAND

Real-estate firm giving portion of agents' fees to Rapid Relief Fund (Times Colonist)

As sales decline, some home and condo prices increase (Times Colonist)

Province mulls Victoria's call for hotels for the homeless (Business in Vancouver)

OKANAGAN

South Okanagan real estate sales drop dramatically in April (Kelowna Capital News)

 
 

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