Aug 17, 2020 • Last Updated 1 month ago
With July real estate sales in the Greater Vancouver area the highest they’ve been in three years, it’s tempting to wonder if this is only a temporary expression of pent-up demand as the province continues through Phase 3 of its COVID-19 Restart Plan — or something more fundamental.
Kevin Skipworth, owner/broker and chief economist of Dexter Realty and long-time author of detailed monthly reports on Lower Mainland real estate activity notes that the area’s real estate market is definitely being driven, in part, by deferred demand.
“Our clients are telling us that during the quarantine they’ve been thinking more deeply about their surroundings and what sort of living space they’d be more comfortable in,” he says. “Others are looking for more space around them. Many people who have been working from home are also planning to continue doing that, and they may also be upgrading, even if it’s simply from a one-bedroom condo to a one-bedroom with a den.”
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