It has been one year from when Canada officially declared the Covid-19 Pandemic.
The pandemic has had a major impact on the Greater Vancouver real estate market but not in the way many experts predicted. Instead of the pandemic causing a slow down in market activity, it did the exact opposite. Why? Many have re-evaluated their living conditions, which has sparked buying and selling.
Concerns of personal health and safety has caused many people to delay any type of move and self-isolate. Whereas for others, the pandemic opened the doors to buying or selling their home.
Here are some success stories from the past year:
Downsizer
One elderly couple, for example, needed to find a “social bubble” to live through the pandemic with. They quickly sold their house, moved into their daughter’s home, purchased a smaller condo to rent out, and are using the rental income to pay for mobility adaptations in their new space.
Upsizer
Another professional with a young family needed to find more work space at home and so upsized from a 2 bedroom condo to a 3 bedroom townhouse with a den so he can comfortably work remotely.
First Time Home Buyer
There has also been a number of millennials that have been waiting to get into the real estate market. With interest rates at an all-time low, these first-time home buyers were finally able to qualify for a property purchase.
First Time Investor
Detached home prices have risen more than attached properties which allowed one first-time investor to leverage their house and buy a small condo for rent.
If you are unsure whether now is a good time for you to buy, sell, or invest, we can help you explore all options. Connect with us we would love to hear from you: inquiries@patricellirealtors.com.
