{"id":17053,"date":"2020-12-28T10:10:00","date_gmt":"2020-12-28T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17053"},"modified":"2020-12-09T15:10:45","modified_gmt":"2020-12-09T23:10:45","slug":"metro-vancouver-condo-market-is-set-to-change-in-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/12\/metro-vancouver-condo-market-is-set-to-change-in-2021\/","title":{"rendered":"Metro Vancouver Condo Market is Set to Change in 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">November brought more of the same high-flying activity levels we\u2019ve been seeing since the early summer to the Vancouver region\u2019s housing market. Home prices again posted double-digit annual increases while sales kept moving at a rapid clip.<\/p>\n<p style=\"text-align: justify;\">The catch, of course, is these gains were driven by strong demand for single-family homes in the region. Condos in the City of Vancouver were faring better than their counterparts in Toronto, but they still posted relatively modest sales and price gains compared to, say, detached homes in the Lower Mainland.<\/p>\n<p style=\"text-align: justify;\">\u201c[T]he pandemic has shifted demand away for condo apartments, particularly in the Vancouver core regions, as families seek more living and green space, while investors see little demand for rental units given few new immigrants and temporary students,\u201d wrote Central 1 Deputy Chief Economist Bryan Yu, in a recent research note.<\/p>\n<p style=\"text-align: justify;\">Yu believes that, on the back of a steady stream of positive vaccine headlines, this diminished appetite for Vancouver condos is set to change in 2021. Along with continued steady price growth for single-family homes as demand continues to outweigh supply, the economist predicted that the high-rise market is in for a boost next year.<\/p>\n<p style=\"text-align: justify;\">\u201cCondo prices should also rebound as vaccine expectations lift both confidence in higher density living apartments while investor demand picks up with reopening of borders,\u201d wrote Yu.<\/p>\n<p style=\"text-align: justify;\">Dexter Realty\u2019s Kevin Skipworth, who has been bullish on the underlying strength of the region\u2019s housing market even during the spring shutdown period, also sees an opportunity for Vancouver\u2019s condo market to be reenergized next year.<\/p>\n<p style=\"text-align: justify;\">\u201cAs we move into 2021 and the potential for some relief from the pandemic comes, the push away from high rise apartments should relax. When immigration opens up again and service sector jobs return, demand for apartments will increase with it \u2013 both to purchase and rent,\u201d Skipworth wrote in an email market update last week.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/12\/borders-vaccine-vancouver-condo-prices-rebound-2021.html\" target=\"_blank\" rel=\"noopener noreferrer\">Reopened Borders, Vaccine Rollout Mean Vancouver Condo Prices will Rebound in 2021<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>November brought more of the same high-flying activity levels we\u2019ve been seeing since the early summer to the Vancouver region\u2019s housing market. Home prices again posted double-digit annual increases while &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/12\/metro-vancouver-condo-market-is-set-to-change-in-2021\/\">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-17053","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 Condo Market is Set to Change in 2021 &#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\/12\/metro-vancouver-condo-market-is-set-to-change-in-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Condo Market is Set to Change in 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"November brought more of the same high-flying activity levels we\u2019ve been seeing since the early summer to the Vancouver region\u2019s housing market. Home prices again posted double-digit annual increases while &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\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Condo Market is Set to Change in 2021\",\"datePublished\":\"2020-12-28T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/\"},\"wordCount\":339,\"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\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/12\\\/metro-vancouver-condo-market-is-set-to-change-in-2021\\\/\",\"name\":\"Metro Vancouver Condo Market is Set to Change in 2021 &#8226; 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