Homebuyers pulling the trigger in the Fraser Valley and beyond
I kind of figured the Fraser Valley will see a pump due to covid19 as people want to stay away from urban centres. But this is decent news for the GVRD as quoted from the article.
Quote:
Home sales rebounded by more than 64 per cent in June compared to May in Greater Vancouver, though sales volume was about 20 per cent below the ten-year average.
Steep price declines predicted by some pundits failed to materialize despite the disruption caused by COVID-19.
“Last summer home prices bottomed out after a three-year decline and since then they have levelled out,” said Colette Gerber, president of the Real Estate Board of Greater Vancouver. “As inventory has come in, we’ve been in a balanced market, so prices are not going to go down.”
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I honestly don't see the real estate crash that some here are wishing for. I do think there needs to be tempered expectations and reaching a balance. Here is hoping we have reached this balance and continue to strengthen our local economies.