{"id":15853,"date":"2020-06-15T10:10:00","date_gmt":"2020-06-15T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15853"},"modified":"2020-06-10T11:38:47","modified_gmt":"2020-06-10T18:38:47","slug":"rebgv-why-have-vancouvers-housing-prices-remained-stable-during-the-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/rebgv-why-have-vancouvers-housing-prices-remained-stable-during-the-pandemic\/","title":{"rendered":"REBGV Why Have Vancouver’s Housing Prices Remained Stable During The Pandemic?"},"content":{"rendered":"

The COVID-19 pandemic has reduced activity in Metro Vancouver\u2019s housing market since mid-March,\u202fbut home prices\u202fhave\u202fremained steady throughout the last 12 months.<\/p>\n

Let\u2019s take a closer look at recent home price trends.<\/p>\n

The MLS\u00ae Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4% increase over the last three months, and a 2.9% increase compared to May 2019.<\/p>\n

By property type, the HPI benchmark is $1,456,700 for detached homes (0.3% increase from April 2020), $792,700 for townhomes (a 0.2% increase from April 2020), and $686,500 (a 0.3% decrease from April 2020).<\/p>\n

So why have home prices remained steady over the last year?
\n\"\"<\/a>
\nBeginning late last year, home buyer activity was increasing and the number of sellers listing their homes for sale wasn\u2019t keeping pace. This was putting upward pressure on home prices.<\/p>\n

This trend continued through to mid-March when the province declared a state of emergency and provincial health officials put physical distancing restrictions into place.
\n\"\"<\/a>
\nWhile these restrictions caused demand for homes to decline significantly in the short term, the number of homes listed for sale also saw similar declines.
\n\"\"<\/a>
\nSupply and demand drive home prices. If the supply of homes for sale declines at a similar rate as the demand, prices will remain stable because home buyers will still need to compete for fewer listings.<\/p>\n

REBGV Why Have Vancouver’s Housing Prices Remained Stable During The Pandemic?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The COVID-19 pandemic has reduced activity in Metro Vancouver\u2019s housing market since mid-March,\u202fbut home prices\u202fhave\u202fremained steady throughout the last 12 months. 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