Metro Vancouver’s* housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common, like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew. Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.