housing
THE DEMAND OF TODAY: MORE SPACE, FURTHER AWAY Our collective response to the spread of Covid-19 has created many unintended consequences, ranging from lower
In summary, 70% of home sales in the region were in so-called “suburban markets” (anything outside of Vancouver, Richmond, and Burnaby) between April and August 2020, compared to 66% of sales in the previous 12 months. Additionally, 63% of sales in the past five months were of the ground-oriented variety (37% were condo apartments), compared to 58% in the preceding year. While the future of cities generally, and of workplaces more specifically, remains unsettled, it is clear that there has at least been a short-term adjustment in home purchasing patterns as a result of our recent experience.
greenhouse gas emissions, to fewer traffic accidents, to greater consumption of Netf lix. Well, we can add to this list changing home- purchasing patterns, at least here in the Metro Vancouver. Two trends have emerged in the region’s resale market in the past five months: first, buyers have shifted their focus to the suburbs, and second, buyer preferences have honed in on townhomes and detached homes.
A SUPPRESSIONAL SHIFT IN METRO VANCOUVER'S SALES MIX
100%
90%
30%
34%
37%
80%
42%
70%
60%
50%
40%
70%
66%
63%
30%
58%
20%
10%
0%
APR MAR
APR AUG
APR MAR
APR AUG
1,202 2,351
1,091 2,559
1,452 2,025
1,322 2,256
URBAN CORE SUBURBAN
CONDO G.O.
URBAN CORE
SUBURBAN
GROUND ORIENTED
CONDOS
SOURCE: GREATER VANCOUVER & FRASER VALLEY REAL ESTATE BOARDS DATA: MLS SALES COUNTS
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