Market Update April 2020 - Real Estate in Strange Times

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The world has continued to turn at the same, steady, consistent pace, but life seems to have ground to a halt for many. Real Estate is no exception. As you would expect sales are down. The year over year numbers indicate a 5% drop in sales volume. March started strong with the kick-off of our traditional Spring Market, but fizzled towards the end as people started to take COVID-19 seriously and adopted social isolation. All indicators are, in BC at least, that our efforts are paying off. The curve does appear to be flattening here.  Fingers crossed we continue to isolate and don't slip back over the long weekend into bad habits.

 

The benchmark value year over year increased in Victoria, however with sales flattening it is uncertain if this trend will continue. There will be isolated deals out there to be sure as some people aren't able to weather the storm in spite of all the provincial and federal aid programs, however I would expect other than a brief slow down in volume prices aren't likely to decrease much if at all. The backstops the feds and province are putting in place, mortgage deferrals, income assistance and even rental assistance for the investors means we should limp through this without lasting consequences.

 

As REALTOR®s we have been designated an Essential Service, however that doesn't mean it's business as usual, and this certainly doesn't put us in the same category as our brave and amazing front line workers.  However, it does mean we can still help you if you need to buy or sell. If your need isn't urgent it may be worth considering holding off, however we do have a full set of COVID-19 protocols in place to ensure protection for us both. These protocols include full virtual walk-throughs using the latest cutting-edge technology, virtual open houses, virtual showings, protective gear and more. If you would like to discuss your needs during these crazy times, give us a call. We are here and ready to help.