British Columbia is heading towards the second phase of the reopening plan after the Victoria Day long weekend. While there is still a lot of unknown and uncertainty about the next steps, our local real estate market is gearing up to what can quickly becoming a busy season.
The provincial government named the real estate profession an essential service to help the home buying and selling community meet their housing needs during the pandemic. However, according to the Real Estate Board of Greater Vancouver, last month, there was a 39.4% decrease in sales recorded in April 2019 and a 56.1% decrease from the homes sold in March this year. The inventory has plateaued, but we anticipate a surge of listings coming on over the next few weeks. The reason for that is that a lot of sellers have been holding back. They know it hasn't been an ideal time to sell, and there has also been the fear of having people in their homes. As restrictions start lifting, sellers are feeling more confident about listing their properties, and buyers continue searching online for their dream homes.
“We’re seeing more innovation and rapid adoption of new technology. REALTORS® are using new tools to showcase homes virtually, assess community amenities, provide guidance, and handle paperwork electronically,” Colette Gerber, Real Estate Board of Greater Vancouver chair (REBGV) said.
“We’re an essential service, but it’s not business as usual,” Gerber said. “Realtors are working hard to comply with the provincial health orders and responsibly operate in today’s environment.”
