Housing Market Overview | Amongst a Pandemic
To summarize our Q3 report, Economist Will Dunning comments -
“There is a very mixed set of influences that will affect BC’s housing markets in the coming months. Positive factors include sharp drops in interest rates that have made home buying much more feasible, and a substantial rebound of employment. Covid-19 is having mixed effects. While uncertainty about the course of the pandemic and its future economic effects is inhibiting, it has also caused a lot of us to think about our housing needs and this has raised interest in moving. On top of all of this, policies from the federal and provincial government (the mortgage stress tests, and the foreign buyers and speculation taxes) continue to weigh on housing markets.”
If this is the first time reading our quarterly report, you’ll find that it compares average and median pricing for key residential property types (attached, detached, condo) on a regional level. This quarter certainly speaks to the recovery in the housing market with 34,886 sales in Q3, compared to 22,064 in Q2 and the 30,630 sales we reported in Q3 2019.
The median price for housing in BC increased in Q3 to all time high of $569,900, up 6.5% from the same period in 2019. A closer look at the numbers indicate that this growth is driven primarily by detached homes.
The Q3 2020 housing story is one for the record books, and we’re excited to share with you our findings and hope that it helps with your own analysis. Make sure you watch for our Q4 report!