2020 Greater Vancouver Housing Market Recap, and What to Expect in 2021

James and Denny discuss what they have seen in real estate during 2020 and make predictions for what they believe will happen in 2021. Let’s get ready for the great migration!

Top trends and predictions we expect to see in 2021:

  • Buyers wanting more space!
  • Townhouses and Detached Houses will be hot!
  • People moving outside of Vancouver to smaller cities and suburbs.
  • Cities like: Port Moody, North Vancouver, Tsawwassen, Squamish, Maple Ridge & Langley will see record high prices and sales activity.
  • Up-sizers (due to low interest rates) and down-sizers (due to high prices) will be very active!
  • More investors will be coming back.
  • Condos will increase in prices (but less than houses and Townhouses).
Detached Homes in East Vancouver, North Vancouver, Tsawwassen and Langley are going to see all time high prices. Places like Burnaby will not see all time high prices. Beautiful townhomes and condos will see a 10-20% increase this year.
HSBC just announced a 0.99 rate. This may force other big banks like RBC, TD and Scotia Bank to be slightly competitive.
There has been an increase in population growth on the island and sunshine coast in the last 6-12 months.There will be a lot of people making lifestyle choices that want to own homes, and that movement will keep the market insanely active for the next couple of years.
What is one thing you want to say about 2021 predictions you haven’t said yet: Buy a house now or you may never own one.

This episode will focus on the uncertainty within the industry when COVID-19 first hit BC, low-interest rates and increasing taxes, the upsizing trend, bidding wars, the popularity of condos and townhouses, and the growing appeal of moving out of the city and into the surrounding areas. Watch the full episode here.

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