February 2021 Newsletter Introduction

Hello  Real Estate Interestee –  

How quickly January has passed by! Crossing fingers that we’ll be able to resume back to some sort of normalcy by late 2021 as we continue the vaccine roll out in Canada. So what does that mean for the real estate market for 2021? For January, and perhaps continuing throughout  2021 the pendulum is swinging back to a Seller’s market for. There has been a huge upsurge of demand in January where we see many buyers who were planning to purchase in 2020 put due to COVID had hold back from purchase entering into the market along with buyers entering into the market in 2021. There is also some Canadian Expats coming back from overseas to settle in BC as well. So with so many buyers coming into the market at the same time, the demand for homes especially in the detached and townhome sector are highly competitive. The attractiveness of low mortgage rates which has been historically an all time low is also spurring more people to purchase as well. 

Some updates:

 B.C. health officials have once again extended the province-wide ban on social gatherings and events, citing concerns around the growing number of COVID-19 variant cases.

Provincial health officer Dr. Bonnie Henry broke the news Friday morning that the tough restrictions first imposed back in November will continue indefinitely.

“Right now, we need to stay the path,” Henry said. “We need to buy time to understand how these variants of concern – whether these variants of concern – are going to affect transmission in our community.”

As of the last update from health officials on Thursday, B.C.’s active caseload was at 4,447, down from a peak of 10,009 on Dec. 17.

Stay safe and healthy!!!

– Sam