Due to global events, business closures, and an unpredictable last year that has upended society as we knew it, many real estate media outlets and experts were predicting a housing market crash for the United States, Canada, and other powerhouse economies around the world. Heading into 2019 and 2020, plenty of publications were releasing these kinds of headlines, only to find themselves grossly inaccurate as we reflect on the state of Canada’s real estate market in December 2020.
In fact, publications changed their tune quickly this past autumn season, with major market indicators showing that the Canadian real estate market is growing as affordability improves. Due to the increased amount of moving, re-establishment, and greater reliance on home environments for remote work, the demand for homes in regions like British Columbia has never been higher, says mortgage broker Terry Batth.
“We were all told to brace for the worst since people’s liquid cash and spending ability was going to plummet in 2020,” said Batth. “Miraculously, we’ve seen the opposite in demand. Prices went up and are still going up. The banks are swamped. We are overrun with deals where people just can’t keep up with the demand that’s out there right now. It’s been a surprise during a very difficult time.”
Surprise Market Surges
As indicated above, the Canadian real estate market is very strong right now, especially in the Greater Vancouver and Fraser Valley region. More people than ever before are sprawling out of city centers to go live in suburban and rural regions, especially since they don’t need to commute into their work centers any longer. Vancouver presents good schooling, access to commercial centers, and travel abilities for all residents considering it as home.
Although the dire financial and personal health situations this year have made it a taxing one for so many people, Batth said more people than ever before are seizing the opportunity to relocate and start anew in a home they love.
“When you look at other markets or the United States, the stock market and economy is bouncing back every single day,” said Batth. “People have hope, and that hope is enough to fuel unprecedented demand in the real estate market up here in BC. We are much tougher than we give ourselves credit for, which is why collectively, we are finding a way to move forward and continue to live. Yes, there have been setbacks, but there have also been improvements and adjustments that will leave society better off. Interest rates are the lowest they have been in over 40years paired with the low number of listings are a major driving force of the demand to buy we are seeing in the market right now.”
A New 2021 Beginning
Batth concluded by saying everyone should be thankful to be where they are and to have their health as this year wraps up. He is hoping to work with as many people as possible looking to establish a better life for themselves in 2021 as a direct contrast to 2020.
Batth is a Bayfield Verico Mortgage Broker specializing in Residential mortgages in the Lower Mainland & Fraser Valley. He is known for his dedication and client commitment, helping to service all immediate and future financial needs. The Bayfield Verico Mortgage Specialists are among an elite group of Canada’s most trusted specialists with access to 40+ lenders and a growing, respected network.
For more information, visit: https://terrybatth.com