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June 2021 – Real Estate Market Analysis

faithwilson | Christie’s International Real Estate’s exclusive and comprehensive Market Analyses for June 2021 have arrived.

Vancouver housing sales bounce back, as expected

During the early months of the pandemic a Canada-wide trend was noticed of people moving from the centres of large cities to suburban and rural destinations, and Vancouver was no exception.

The biggest sale and price increases during much of 2020 and into the first quarter of this year were seen in places like Bowen Island, the eastern Fraser Valley, the Okanagan, parts of Vancouver Island and small coastal towns, such as Powell River on the Sunshine Coast, which briefly posted the highest housing sales and price increase in all of British Columbia.

Now, though, as vaccinations become widespread and British Columbia steps forward with its reopening of the economy, a reverse back-to-the-city trend has emerged.

I believe it will accelerate.

The easing of restrictions means that Vancouver restaurants can now welcome back dine-in patrons, the fitness clubs and theatres are reopening and soon professional sport venues will see stands packed with cheering fans. Vancouver music concerts are being booked and sold out, and crowds are back at city beaches.

Vancouver office towers and other workspaces are also welcoming back employees, many of whom have been working from home for months.

Homebuyers are now once again able to tour open houses and meet in person with their real estate agent.

This has returned vitality to Vancouver and the city, often cited as the most livable in the world, can expect a growing influx of people, including many who decamped during the pandemic.

The June 2021 housing data is a clue to what is happening.

With 3,762 total residential sales in the month, Greater Vancouver transactions were up 54 per cent from June 2020 and the Fraser Valley by 31 per cent – but sales in the City of Vancouver were up 75 per cent and the city accounted for nearly a third of all sales in Greater Vancouver.

In downtown Vancouver, the first pre-sale condo tower to open since the pandemic started sold 100 new condos in the first two days of June.

It was wonderful to see all areas of B.C. enjoying the robust housing market that characterized much of the province over the past year.

Faithwilson | Christie’s International Real Estate, however, was founded in the City of Vancouver and has thrived here for more than two decades, so we naturally take special delight in seeing the city regain its stature as the top choice for homebuyers.

Welcome back.

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