How did Corona Virus impact the Vancouver Real Estate Market in April 2020?
First off it slowed activity DRASTICALLY but it hasn’t impacted prices quite yet. Sales were down 67% from the 10 year April average and down 40% from April 2019. With that being said new listings were down 60% compared to April 2019. Less sales coupled with less listings provided what was one of the slowest months that we have seen in quite some time. But how does this impact pricing?!?!?! As of now prices were still up across the board 2.5%. The pinch in inventory is the main driver in this. How COVID is going to impact the market moving forward is very tough to know but in the last week of April we felt a lot more activity and it seems like there is some pent up demand from a stagnant month.