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Vancouver housing market correction 2020 – Should I Buy?

Here is what you don’t already know about the Vancouver real estate market in October, 2020. Watch the Market Update Video Below:

Vancouver smashes previous August sales records as National Avg. home prices skyrocket by 20%:

Latest Update:

This summer 2020 is the summer of astonishment. Since June, the real estate market in Canada and parts of the US is in a dramatic turnaround. I mean dramatic! Toronto’s average price soars a whopping 20%!

Surrey’s SF soared 15% in sales. Vancouver’s SF sales roared in at 57% and the Valley an astounding 71%.

Now for the Vancouver Housing Report for October, 2020:

I won’t bore you with the details you already know. So what’s REALLY happening with the Market in October, 2020?

Let’s take a deeper dive into the Vancouver housing market, and also let’s see what the rest of Canada is doing as of . Here is a quick snap.

According to the UBS Global Real Estate Global Index, Metro Vancouver is not in a housing bubble territory:

vancouver real estate market

“Similarly, Zurich, Toronto, and Hong Kong also display high imbalances. In contrast to last year, Vancouver’s housing market is now on the overvalued range of the spectrum, sharing the same territory with London. Despite the pandemic, housing markets have remained resilient in the first half of 2020. The study discerns three main reasons for this outcome. First, home prices are a backward-looking economic indicator and are only able to reflect an economic downturn with a certain delay. Second, the majority of potential home buyers did not suffer direct income losses in the first half of 2020. Credit facilities for companies and short-time work schemes mitigated the fallout from the crisis. Third, governments supported homeowners in many cities during the lockdown periods. Housing market subsidies were increased, taxes lowered, and foreclosure procedures suspended.”

Sales are up across the country.
Toronto – Sales are up 16% and listings same yoy
Ottawa – Sales are up 7% and prices are up 4%
Montreal – Sales are up 7% and prices are up 6%
Calgary – Sales are up 4% and lists are down 12%

READ MORE: Spectacular Condo Presales Crash in Vancouver in 2019

Overall Real Estate Market in Metro Vancouver – Prices for October, 2020

and… Vancouver: Home Sales are up 70+%, and listings for houses about the same and condos up 80+%. Vancouver is still in the process of bottoming, but it is very hard to predict a bottom.

Vancouver real estate market correction 2019


Sales are up across most major Canadian urban centres and prices on the rise. It will only be a matter of time until Vancouver picks up once again.

Lower Mainland Property Sales are down – October, 2020

Metro Vancouver Real Estate Sales are down only 6.5% compared to last year May 2018, but down about 44% compared to May 2016.

Now that I have summed up all of the previous coverage, we are ready to jump into real data that your news source won’t tell you.


Worldwide – Real Estate Values are Growing

From Slovenia being up 17% in 2018 to Latvia, China, Malta, Hungary, Taiwan, Netherlands are all up 8-12% and a whole slew of countries are up 3%. Australia is the worst performer at a 5% decline but from the 56 nations reporting – 49 are higher and 40 are more than double the reported inflation rates of 2%.

Look up Knight Frank Global house price index for each country

And for Vancouver? Home prices continue to grow. There are buying opportunities for condos forming as buyers choose detached single-family houses due to more space requirements.

What you can do?: So, everything is rosy? All is well? Hmm, sign up for my on demand book series and get 45 chapters from the best real estate gurus and action takers in British Columbia from the last 40 years. The book series will give you guidance on how to navigate these uncertain times, whether you are a seller or a buyer:

Vancouver real estate market book

Think of this book series as a Chicken Soup for the Soul, but for real estate in the Lower Mainland, British Columbia.
👉 👉 Grab it here.

Is the Canadian Real Estate market going to crash again?

Despite the latest housing market news in Canada saying that the market housing crash has cometh, Canada real estate market is robust, with demand steady and population on the rise – record rise!

I have seen it all before. News publications like Macleans, The Economist, The Georgia Straight, The Vancouver Sun, throughout all previous historical crisis, have pumped out sensational negative news with headlines such as “Housing Market Crash!, “Canada Housing Market Collapse” and “BC Housing Bubble To Burst“.

But time and time again, Vancouver real estate that prices always recover after each and every crisis.

I have used the graph above for many years, (this one above is from 2008) and it has not changed. MARKET CYCLES ARE A PART OF LIFE, AND WE WILL BE HIGHER 10 YEARS FROM NOW. In 2008 we did not fall into oblivion. Every headline in 2008 was doom and gloom. That time was NOT different. And this time will NOT be different either.

Demand continues to be robust for properties across Canada and you can see above just how Toronto, Ottawa, Calgary, Montreal are all performing positively and very well in 2019.

I need to sell my home. What do I do?

And if you are a seller, fret not, because properties are selling, as long as they are priced correctly. I never argue with the residential market in Vancouver, especially in 2019. If you need to sell, make sure you price below your competition and deal with offers as they come.


Interest Rates are falling worldwide

The world’s banks tried to raise interest rates, but in an unprecedented backtracking manoeuvre, they had to drop them back down again faster than ever before. Why? The outcome was a crash in the stock market in December 2018. So what now? 

The worlds banks are now “printing money” again. If you haven’s seen Zeitgeist (that old school documentary where they fear monger you into thinking we live in a conspiracy of enslavement through the creation of money), you should watch it. But not to create fear and a sense of helplessness – but to inspire you to take action and do something about it. The printing of money is devaluing your money sitting in your bank account or RRSP at unprecedented rates…. the likes of which the world has never seen. And it’s going to continue. Unless you do something about it, it will corrode your income and your savings.

The Solution?

Well, I suppose there is an infinite number of solutions to navigating a portfolio in a never before seen low-interest environment. But here is what I know: Buy Hard assets where people want to live (ie Lower Mainland). Why? Because as more money is printed, more of it will flock to those assets. Ratios like Price-to-income ratio have been obsolete for years (and will continue that way) because of this phenomenon of money printing.

How phenomenal? In the last 10-12 years the world’s governments have increased the money supply by 500%. That eventually means that your money is diluted by five times, unless of course, you have a hard asset that is desirable, and people want to flock to it.

They tried to roll that back, with quantitative tightening (QT) but it didn’t work. 

Vancouver housing market crash 2019

We are left to our own now to fend off this liquidity, and it will continue. Savers will be losers in the long run. Unfortunately, this is the cruel world we live in. I don’t make the rules. It’s a hard truth that we must confront. Life Long Renters will be the norm in the future to come. So will self-driving cars, and 3D printed houses and entire buildings!

Let’s Act! The Canadian Property Market is only half the story. You are the main protagonist!

It’s times like these that you are able to pick up the BEST DEAL possible in the Canadian Property Market. You don’t really have to take my word for it, I mean just look at the graph below:

Time and time again had you just bought during each dip, you would have thrived, and today is no difference, because as long as the world keeps printing money, the more it will circulate back to desirable assets – ie. Real Estate in Heavenly BC!

ACT TODAY! Drop your information below and let’s put a plan for you to take Action in this Market in 2019!

Grab a Free copy of my book series to learn more from 40+ pros in the BC Real Estate Market below:

Vancouver real estate market book

Think of this book series as a Chicken Soup for the Soul, but for real estate in the Lower Mainland, British Columbia.
👉 👉 Grab it here.

Talk soon!
Richard Morrison

Canadian Real Estate Markets we like for the next 10 years


Richard Morrison

My name is Richard Morrison and I aim to empower people to buy and sell real estate in the most effective way possible. I can service all of your Metro Vancouver real estate needs & beyond. I specialize in Vancouver, North Vancouver, West Vancouver, Vancouver West, Richmond, Burnaby and other areas in the Lower Mainland BC Canada. You can be assured that whether buying or selling your home, I will get the job done. I offer a full compliment of real estate services with 15+ years of experience.

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