{"id":16881,"date":"2020-11-25T10:10:00","date_gmt":"2020-11-25T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16881"},"modified":"2020-11-24T13:34:01","modified_gmt":"2020-11-24T21:34:01","slug":"metro-vancouver-demand-in-the-detached-home-market-has-grown","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/","title":{"rendered":"Metro Vancouver Demand in The Detached Home Market has Grown"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales in Greater Vancouver grew by 29% year-over-year in October, with transactions rising to 3,687 from 2,858, according to new data from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Sales also increased by 1.2% last month from 3,643 transactions in September, and were 34.7% above the 10-year average, marking the second-highest total ever for the month, indicating that the COVID-19 pandemic hasn\u2019t impeded activity in the country\u2019s most expensive real estate market. In a statement, Colette Gerber, chair of the REBGV, noted that lockdown measures this past spring were a catalyst for homeowners seeking out upgrades.<\/p>\n<p style=\"text-align: justify;\">\u201cHome has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are rethinking their housing situation,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">In a bid to stimulate the economy, the Bank of Canada cut interest rates to historic lows, and it\u2019s almost certainly the reason real estate markets in Canada\u2019s three biggest cities have been able to absorb the economic fallout of the pandemic.<\/p>\n<p style=\"text-align: justify;\">According to Robert Mogensen, a broker with The Mortgage Advantage in North Vancouver, low rates have opened the market up to previously short shrifted would-be buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s been some pent up demand that\u2019s built over the last few years with prices rising in such an extreme way, and now, with lower interest rates, affordability is coming back a bit, which has brought more people into the market,\u201d Mogensen told CREW.<\/p>\n<p style=\"text-align: justify;\">Statistics Canada data showed that remote workers grew by 150,000 last month, bringing the total to roughly 2.4 million Canadians. Echoing Gerber, Mogensen added that these workers have pursued upgraded living conditions.<\/p>\n<p style=\"text-align: justify;\">\u201cAnother factor is people have had to spend more time at home working, and in many cases they have decided that where they\u2019re living and working long-term after the pandemic subsides should match the kind of lifestyle or locale they want,\u201d he said. \u201cA lot of my clients have been looking to move from downtown high-rise condos to houses in the suburbs, where they don\u2019t have to deal with elevators and crowds in the city.\u201d<\/p>\n<p style=\"text-align: justify;\">The REBGV data also revealed that detached home sales surged by 42.3% last month from October 2019, bringing the benchmark price up by 8.5% to $1,523,800.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand in the detached market has grown,\u201d said Mogensen. \u201cI\u2019ve heard a number of stories from realtors I work with offering single-family homes at sweet spot prices in their given areas, where they\u2019re having multiple offers and where they\u2019re holding open houses that get dozens of buyers vying for the properties. The pace is frantic in Vancouver\u2019s suburbs.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-sales-surge-amid-raging-demand-for-detached-homes-334336.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Sales Surge Amid Raging Demand for Detached Homes<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales in Greater Vancouver grew by 29% year-over-year in October, with transactions rising to 3,687 from 2,858, according to new data from the Real Estate Board of Greater Vancouver &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/\">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":[8],"tags":[],"class_list":["post-16881","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Demand in The Detached Home Market has Grown &#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\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Demand in The Detached Home Market has Grown &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales in Greater Vancouver grew by 29% year-over-year in October, with transactions rising to 3,687 from 2,858, according to new data from the Real Estate Board of Greater Vancouver &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Demand in The Detached Home Market has Grown\",\"datePublished\":\"2020-11-25T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/\"},\"wordCount\":455,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/\",\"name\":\"Metro Vancouver Demand in The Detached Home Market has Grown &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2020-11-25T18:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/metro-vancouver-demand-in-the-detached-home-market-has-grown\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Metro Vancouver Demand in The Detached Home Market has Grown\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Metro Vancouver Demand in The Detached Home Market has Grown &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/","twitter_card":"summary_large_image","twitter_title":"Metro Vancouver Demand in The Detached Home Market has Grown &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Home sales in Greater Vancouver grew by 29% year-over-year in October, with transactions rising to 3,687 from 2,858, according to new data from the Real Estate Board of Greater Vancouver &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Metro Vancouver Demand in The Detached Home Market has Grown","datePublished":"2020-11-25T18:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/"},"wordCount":455,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/","url":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/","name":"Metro Vancouver Demand in The Detached Home Market has Grown &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2020-11-25T18:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-vancouver-demand-in-the-detached-home-market-has-grown\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Metro Vancouver Demand in The Detached Home Market has Grown"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=16881"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16881\/revisions"}],"predecessor-version":[{"id":16882,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/16881\/revisions\/16882"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=16881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=16881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=16881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}