Vancouver’s housing market set to weather the COVID-19 storm

In a year of uncertainty, there is one thing, in my opinion, that is a sure thing. Canada, and Metro Vancouver in particular, remain one of the most desirable places in the world to live and to raise a family. Another certainty is that the COVID-19 health pandemic has impacted every facet of our lives. It has changed the way we work, the way we travel, the way we socialize, and the way we engage with our community. It has brought family life and a sense of home back to the forefront and put an emphasis on the importance of a well-functioning household.

With less than four months to go in the calendar year, I am now being asked what my forecast is for 2021. In my role as Executive Director at MLA Canada, I work intimately with stats and data. I’m in agreement with economists around the world when I tell you there is a great deal of uncertainty in the market. But here at home in Metro Vancouver, confidence remains high. Our region offers one of the most highly-rated lifestyles in the world, economic stability in comparison to our neighbours to the South, plus arguably one of the best strategies for managing COVID-19 from a public health perspective. This has kept our city in a desirable position.

We know there is economic uncertainty ahead. Real estate prices have not relaxed, and we continue to see transactions climb and supply fall. Our economic recovery might be bumpy, and the housing market could very well follow suit. However, a recession coupled with a rising inventory of sales listings, as some households are forced to sell, may create a buying opportunity for others. Combining historically low interest rates with low supply and a strong conviction about Vancouver’s future may bridge this recession. It could be six, 12, or 18 months out, but conditions are lining up for another real estate price surge in the medium-term.

Metro Vancouver is changing. There’s no denying that. People who have lived here reminisce about what the city was like twenty years ago — before the 2010 Olympics, before becoming a cruise ship destination, and well before we were put on the global map. However, as time continues to pass, old and new residents alike continue to make sacrifices to be able to call Vancouver home.

Working in the industry for more than three decades, I can acknowledge that Vancouver’s growth and high real estate prices come with real challenges. It’s with great care and planning that we must be cautious to not transition into a resort city for only the rich and famous. A diverse community with people from all backgrounds is essential to maintaining the soul and character of Vancouver.

Cameron McNeill is the executive director of MLA Canada, a comprehensive real estate service provider. MLA Canada offers an unmatched level of expertise in advisory services, market intelligence, project marketing, sales, customer care and administration. Visit mlacanada.com

Apex is the North Shore’s tallest tower and promises to provide unprecedented luxury living. Sales begin this month.