A Covid-fuelled Real Estate Boom?

This past spring, realtors from the Fraser Valley to the Okanagan to Vancouver Island were deluged with inquiries from prospective buyers looking for more space to spread out their pandemic-challenged families and home offices. Single-family home prices have remained remarkably resilient, especially in communities within an hour’s drive of a larger hub. In Greater Victoria, benchmark single-family home prices reached an all-time high of $1.03 million. In Vancouver, multiple offers and quick sale are still the norm. In the Central Okanagan, there were almost 50 per cent more sales of single-family homes in July 2020 than there had been a year earlier.

By Steven Threndyle

Posted in Editorial