Stories about Vancouver’s housing market often border on the absurd, and the latest seemingly tall tale fits that mould: Home prices have actually ticked higher during the COVID-19 pandemic.
In Vancouver, the benchmark price of a house on the west side of Vancouver in May was valued at around $3 million, and on the east side, it was around $1.4 million. West-side condos were valued at $801,000 and $595 on the east side.
Better yet, Vancouver is not the only city experiencing this many others over Canada are also not seeing plummets in their real estate markets like Toronto.
Currently, the council is voting to recalibrate the city's housing goals. This is due to their idea that due to COVID-19, the amount of immigration into our country will dampen, and when there are less wealthy people coming to Vancouver looking for homes, they believe that we should aim at constructing fewer homes in the coming years.
However, this is not the proper step that they should be taking.
As you know, due to the high prices of homes in Vancouver many people must resort to renting, and this does affect our real estate market when people are not buying homes but rather renting them. In 2017 the council worked at constructing 72,000 new homes within a decade, and the main goal behind this was for half of these homes be affordable for families with a median income of $80,000 or less. However, it did work quite well at first but after a year, the progress slowed and it was starting to go nowhere.
This council, balanced between liberals and conservatives, has been skeptical of housing development since it took office.
The city council should not be assuming the worst out of Vancouver's population growth, depending on how COVID-19 continues on, things could either get much better for our real estate market, much worse, or it could just stay the same. For now, we do not know what the future likes, but we could pan some ideas together, with a chance of COVID-19 passing and immigration rising up with historically high levels.
If you would like to learn more about the effects that COVID-19 brings upon Vancouver's real estate market, or if you are thinking about buying or selling your properties, please contact Matt Gul, who is a top luxury real estate agent situated in West Vancouver, who can help you with all of your needs. To contact Matt Gul please call him at 778.888.8888 or email him at firstname.lastname@example.org
Summarized by: Onur Gul on Instagram at @onurgulfilm