{"id":16285,"date":"2020-08-11T11:11:00","date_gmt":"2020-08-11T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16285"},"modified":"2020-08-11T09:20:39","modified_gmt":"2020-08-11T16:20:39","slug":"how-is-the-vancouver-real-estate-industry-today","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/how-is-the-vancouver-real-estate-industry-today\/","title":{"rendered":"How is The Vancouver Real Estate Industry Today?"},"content":{"rendered":"<p style=\"text-align: justify;\">As of writing, it\u2019s the second half of the year 2020. Industries and economies across the globe are still recovering from the devastating effects brought about by the pandemic. While some have already started to see better and brighter days, some are still stabilizing or are slowly moving on the way up. One of the economies where there\u2019s much speculation on is the real estate market.<\/p>\n<p style=\"text-align: justify;\">In Vancouver, BC., in particular, there\u2019s that big question whether or not the real estate industry is still doing well. For those of that are looking to sell their home, perhaps you\u2019re interested in knowing whether or not now is a good time to do so.<\/p>\n<p style=\"text-align: justify;\">Fortunately, this article is here to answer all of these questions for you. Here, you\u2019ll have insights on how the Vancouver real estate market is doing, and why it\u2019s still a good idea to invest in real estate.<\/p>\n<p style=\"text-align: justify;\"><strong>The Real Estate Market is Stable, But Priorities are Changing<\/strong><\/p>\n<p style=\"text-align: justify;\">In Vancouver, the real estate market is still stable. On the average, properties listed for sale only stay on the market for 17 days. Considering the economic changes that are felt by people today, this is quite an encouraging number. This means that people in Vancouver are still seeing the benefits of investing in real estate, among other forms of investments.<\/p>\n<p style=\"text-align: justify;\">However, the only thing that has changed is the priorities in facilities that they\u2019re searching for, especially for those that are on the hunt for commercial properties.<\/p>\n<p style=\"text-align: justify;\">This change in priority has to do with the demand of buyers for more \u2018personal safety bubbles.\u2019 This means wider elevators, lobbies, and sitting areas so they can maintain physical distancing.<\/p>\n<p style=\"text-align: justify;\">Because it isn\u2019t clear, yet, as to when the pandemic is finally going to die down, businesses and residences alike still have safety as their priority. Hence, the manner of browsing homes has also shifted to more virtual and online means, rather than the usual emphasis on a physical open house.<\/p>\n<p style=\"text-align: justify;\">For residential houses, apartments, and condominiums, much of the design is also going back to how architects envisioned properties way back in 1918. When a flu pandemic came, designers were also scrambling on how to make houses more sanitized and safer. The key was to create a safe haven\u2013even if homeowners were stuck and kept at home for months, they wouldn\u2019t mind the confinement. Hence, today, the shift is also towards this need for safety and sanitation.<\/p>\n<p style=\"text-align: justify;\">For example, the demand for properties with a powder room is more preferred than those without. The powder room allows guests to use the toilet, without the need for invading the master\u2019s bedroom and bath. For condominiums, creative design is also made on the balcony, where it can easily be converted into an office, especially if a work from home arrangement is necessary. Accordingly, open-air is also provided so homeowners can have access to clean air whenever they desire it.<\/p>\n<p style=\"text-align: justify;\"><strong>The Short-Term Rental Market is Slowing Down<\/strong><\/p>\n<p style=\"text-align: justify;\">Because of the pandemic, immigration has also stalled. Travel restrictions are expected to carry on at least until next year. Because of this, the short-term rental market has significantly slowed down.<\/p>\n<p style=\"text-align: justify;\">First off, fewer tourists are coming in. Vancouver is a popular tourist city in British Columbia, Canada with beautiful places, such as Coal Harbour. So, with the current restrictions, this is an expected outcome.<\/p>\n<p style=\"text-align: justify;\">Sales in condominium units are also going slower than normal. Frequent buyers of condominium units are usually the mom-and-pop market. Some of these are newly married couples, while others are immigrants. Most notably, too, is the fact that condominium units are usually bought by individual investors looking for passive income. They usually have these units rented out to students or young professionals. But, with schools also shifting to an online environment, the need for physical housing in this school year has reduced. This means a lower demand for condominium rentals.<\/p>\n<p style=\"text-align: justify;\"><strong>The Real Estate Market Is Still Ruled By Possible Risks<\/strong><\/p>\n<p style=\"text-align: justify;\">In Vancouver, there are still possible risk factors that could negatively affect the real estate market. Some of these are :<br \/>\n\u25fe The possibility of a second wave of the Coronavirus<br \/>\n\u25fe The ability of the United States to manage the current pandemic, as the Canadian economy is also highly dependent on exports on the south of the border<br \/>\n\u25fe The impact of mortgage payment deferrals and expiring eviction freezes.<\/p>\n<p style=\"text-align: justify;\"><strong>Conclusion<\/strong><\/p>\n<p style=\"text-align: justify;\">All these said, it\u2019s safe to say that these are also speculations for the future. One can only speak for the current condition and trends in the market.<\/p>\n<p style=\"text-align: justify;\">Generally, however, the real estate market is a relatively stable one, being that property is an asset that appreciates. However, given the current economic difficulties that the world is facing, it\u2019s normal to expect that the prices of properties will drop. Until the unemployment issue due to the pandemic is solved and the spending power of people will stabilize, it\u2019s safe to say that the real estate market will continue to move along the trends and cycles that it\u2019s used to.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/vancouver-real-estate-market-how-is-the-industry-today\/98759575\/\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Real Estate Market : How is The Industry Today?<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of writing, it\u2019s the second half of the year 2020. Industries and economies across the globe are still recovering from the devastating effects brought about by the pandemic. While &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/how-is-the-vancouver-real-estate-industry-today\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16285","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How is The Vancouver Real Estate Industry Today? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/how-is-the-vancouver-real-estate-industry-today\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How is The Vancouver Real Estate Industry Today? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As of writing, it\u2019s the second half of the year 2020. 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