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 Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 per cent increase from the 1,727 sales recorded in March 2019, and a 17.4 per cent increase from the 2,150 homes sold in February 2020.

Last month’s sales were 19.9 per cent below the 10-year March sales average.

“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,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.”
 
Last month’s sales were 19.9 per cent below the 10-year March sales average.

“The first two weeks of the month were...
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Sales and dollar value activity in the Lower Mainland’s commercial real estate market declined in 2019 compared to long-term historical averages.

There were 1,538 commercial real estate sales in the Lower Mainland in 2019, a 32.8 per cent decrease from the 2,288 sales in 2018 and a 41.5 per cent decline compared to the 2,628 sales in 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $6.859 billion in 2019, a 56.7 per cent decrease from $15.833 billion in 2018.
 
“Activity in the commercial market slowed in 2019 due in large part to reduced activity across our provincial economy last year,” Ashley Smith, REBGV president said. “We experienced a pickup in home buyer activity in the residential real estate market to start this year, but we’ll have to wait and see how demand for commercial...
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The CERB supports Canadians by providing urgently needed financial support to employed and self-employed Canadians who have been directly affected by COVID-19. It provides a payment of $2,000 for a 4 week period (equivalent to $500 a week) for up to 16 weeks.

On this page


Here are the detials of CERB with CRA;


https://rem.ax/2X4H3l2

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Housing Trends and Affordability - COVID-19 Edition

Highlights:

  • Pandemic has soured the outlook almost overnight: Social distancing and the economic shock will cut home sale activity to a trickle near term. The timing and speed of the eventual rebound is uncertain.
  • We expect property values to fall briefly: Surging unemployment and the market’s illiquidity will compel a growing number of tight-squeezed sellers to make price concessions.
  • Oil-producing regions are the most at risk: The oil price plunge will compound the damage to housing demand at a time when Prairie markets still struggle with excess inventories.
  • Policy response will soften the impact: Interest rate cuts, government financial support and banks’ offer to defer mortgage payments will help many households navigate through the storm.
  • Housing affordability will take a back seat: Though it’s still a big issue in Vancouver and Toronto, the pandemic and economic turmoil will draw more attention...
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Here are the details of;
-Who can apply
-How to apply
-Start to apply (ready April 6)
-After you apply

I wish you can now apply for the Federal Financial Aid with CRA. If you have any issue in applying for the aid, maybe Jimmy can be of your help.


Here is the details of the CERB with CRA


https://rem.ax/2X4H3l2

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.