October 2020 Vancouver Real Estate Market Update

This market is bizarre, much like the rest of 2020!

Houses are on fire with sales in October up 42% over the same month in 2019 and prices are up almost 9%. Townhome sales are up 49.5% over October 2019 and prices are up 5.4%. Condos sales, interestingly enough, are only up 13.5% while they show a price increase of 4.4%. 

The push for more interior space and more outdoor space is really driving the townhome and detached home markets throughout the North Shore, Westside, Eastside, Burnaby markets and beyond! Inventory levels are at record lows (some of the lowest I've seen in a decade) and the demand outpaces supply significantly. The detached homes priced below 1.65 are the most active segment of the market - many of these are selling significantly over the asking price. I've seen some on the North Shore and Westside selling $300,000+ over list price. It's crazy. Condos, on the other hand, are a much more balanced market. Pricing and presentation in this category are extremely important if you want to sell. 

Low interest rates continue and will likely continue for the near future. 

Presales - there's been some great buys out there, and there will be more to come. We're happy to keep you updated on these. Stay tuned for the highly anticipated CONCERT waterfront development in North Vancouver. We've been waiting for this project for close to a decade (it feels like) and sales are expected to begin Spring/Summer 2021. Would you like to know more? Please reply to this email or shoot us a text and we'll keep you updated.

As always, we're here to chat. We will be around for the winter this year, as I'm sure most of you will be, in case you need anything at all!

Stay safe out there,

Kelsie & Morgan

Contact us anytime on our direct lines at 
Kelsie 778-387-6090
Morgan 604-209-1230