Real Estate Market Update In B.C. - April 2020
Stable Prices Despite Less Transaction
April 2020 Real Estate Market Update has been expected by many to see how the market acted in this special COVID-19 outbreak period.
As expected sales and listing have substantially gone down, however over prices kept its earlier position with a small increase over March 2020. (+0.2%)
Total number of listed properties have slightly decreased in April, compared to March 2020 (-2.3%)
The overall sales of the properties went down substantially, which reflected to each category in a similar percentage (-39% vs. last April and -56% vs March 2020).
This month's sales level is the lowest April sales since 1982, as a result of the extreme measures to fight the COVID-19 pandemic.
The government of BC has announced the “BC’s Restart Plan” on May 6th, which advise a controlled opening of the economy. Again, the BC Government has listed the real estate among the essential services, which means that we will continue to offer services to meet the housing and shelter needs of the community. These are expected to help the real estate market moving towards the industry’s pre-pandemic positive state, where the sales were on the rise over the last years and months.
JOVI offices will be open and operational during this period. Although the open house activities are now on hold, showings are done by appointment base or virtually.
Stay Home, Stay Safe!