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She stated a comparable pattern was seen in the Lower Mainland and elsewhere in British Columbia. Another factor is incredibly low rates of interest. Remax Real Estate representative Jared Thomson stated sales have continued steadily for him, but other real estate agents took an action back on their own and/or their families at the onset of the pandemic.

" Year-over-year, June and July, we in fact sold more systems this year than we did in 2015, which is quite unexpected." On the other hand, year-to-date numbers continue to be behind last year, due to that earlier pause. Single-family house sales are down 18 percent over in 2015, while multi-family sales are down 11 percent.

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At one point, single-family houses were down 40 per cent. "We actually caught up," she stated. Costs for single-family houses appear unfazed, rising progressively, compared to the exact same time last year. This time in 2015, the typical single-family home had risen in rate by about eight per cent. This July, that very same home price rose by 6 percent.

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Multi-family homes are rising by even more, at 14 per cent in cost over the very same time last year, with the typical multi-family unit is now priced at $363,000. "The inventory is simply not there," Runge stated, noting need exceeds supply, which continues to increase real estate prices. Runge said to anticipate more of the exact same when it concerns housing prices, until supply and need balance out.

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This year, nevertheless, depends on a second wave. "That has yet to be seen, however there appears to be the customer self-confidence out there and they're purchasing," Runge said. Buying/selling a house in an age of COVID-19 Runge stated the realty industry has actually adjusted in the wake of the pandemic.

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As the marketplace stabilizes, safety procedures are in place. Runge said agents and brokerages are taking the lead from Work, Safe BC, when it concerns security procedures. " Read More Here  ensuring we're using gloves, hands sanitized, all of those things," she said. "I'm really proud and I believe that it assists consumers, also, state 'We're taking this seriously so we can go and seem like it's a safe thing to do, look at homes.'".