Episode #10 – COVID19 How It’s Affecting The Vancouver Real Estate Market

As Covid-19 cases keep rising more gathering locations are closing, international flights are being canceled, borders are shutting down and social distancing techniques are being implemented. What does this all mean for real estate here in Vancouver? James and Denny will share what they are seeing in real estate as well as provide predictions on what might happen to real estate prices and the market in general. If you own or are looking to buy, or if you are looking for information on how Covid-19 will impact real estate then this episode is for you.

Listen to the Garbutt+Dumas Real Estate Podcast (bottom of page) to learn about how COVID-19 may affect the Real Estate prices and the market in general. If you own or are looking to buy, or if you are looking for information on how Covid-19 will impact real estate then this episode is for you.

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COVID-19 

We at the Garbutt + Dumas Real Estate Team understand the current confusion and concern that a lot of our clients are experiencing regarding the COVID-19 virus over the past couple weeks. We have been constantly keeping up to date with the progression of the virus and with the recommendations of the Health Minister of Canada, and wanted to keep our clients, colleagues, friends and families aware of how we will be proceeding over the coming weeks. We are taking their recommendations very seriously and that our position on how to operate moving forward has not come without a great deal of thought.  The health and safety of the people in the communities where we live and work is very important to us.

CLIENTS

Supporting our clients during this time is our primary focus and concern. We understand that some clients are caught in the middle of this situation, and are actively buying or selling as we speak.   To our clients, know that we are here and will continue to support you during this uncertain time. Fortunately, our industry is heavily online with photos, videos, strata documents, electronic signatures, etc.

PROPERTY SHOWINGS

At this current time, property showings are still permitted, and in other areas (such as Ontario, no official news for BC) real estate has been deemed an essential service.  For buyers and sellers we will assess each client’s situation individually, but note that we can still show properties and will use extreme caution when doing so. We will be as cautious as possible, we will adhere to social-distancing requirements, and we will be avoiding any unnecessary contact with others.

OPEN HOUSES

Given the situation in our province, the Real Estate Board has advised all members to refrain from holding open houses and adhere to the most up-to-date social-distancing requirements from our government and public health officials.  We feel it is important to follow these recommendations, and have elected to replace all open houses with pre-screened showings by appointment for those that must buy or sell during this time.

Please view the best practices for Real Estate professionals and Consumers on the BC Real Estate Council website here and view recommendations for realtors on how to proceed through this time and precautions to take here.

THE PROCESS

There are a lot of moving parts in real estate transactions: photographers, videographers, home inspectors, appraisers, mortgage brokers/mortgage representatives. We ask your patience throughout your real estate transaction as it may take longer than normal to have these professionals scheduled.

STAYING INFORMED

It’s very possible that situation could affect our real estate market, but in what manner and to what extent, only time will tell. Prior to COVID 19, the 2020 market was upward trending and very active.  We are committed to staying informed on the current situation (COVID-19, real estate market trends, the financial crisis, and interest rates) and hope to share this with you to help make informed decisions.

REACH OUT!

If you have any concerns, we would love to talk.  Please reach out to us in the next few days to discuss your specific situation and we can help put a plan into place.

Thank you for your continued support!