Our 2021 BC economy will most likely be led by the construction and housing sectors as we realise how many other businesses, related services and resources are impacted by real estate sales.
The last half of May saw a strong pick up in listings and sales activity – our Spring market is emerging somewhat later this year! BC Real Estate Association reported that the recent uptick on viewing of the listings on their website was 5% higher than the same time last year, indicating some pent up demand. Because the BC pre Covid economy was strong, we can anticipate greater resilience in our local market, than will happen in other provinces around the country. Brendon Ogmundson, BCREA economist, this week recalled that after the last 3 recessions, there was a big recovery the following year and we may have only a “muted” impact on prices. Of course this will depend on supply and demand and on interest rates remaining low. Residential real estate is most vulnerable to interest rates, so current rates are a big driver.
Working from home will be a major game changer as we move forward from Covid. For companies which have seen the benefits of their employees working from home and attending Zoom meetings instead of traveling across the country and even farther afield, this way of working will continue on. Good news for us in this part of the Lower Mainland as workers decide that they no longer require to live downtown and can purchase a less expensive home in the burbs with no commute. There will also be that move from a smaller home to one which provides office space.
98% of business in our province is made up of medium and small businesses. They add to the livability and vitality of our communities. As our local businesses reopen and reinvent themselves to comply with the new protocols, let’s get out there, support them and ensure that our favorites stay in business.
We are all more adaptable than we ever imagined and the pandemic has given us the opportunity to do things differently and in many cases, better. Our client relationships remain strong while keeping all parties safe and well advised. We are delighted to see that confidence is returning to the greater market place and that our buyers and sellers are comfortable with the adjusted business protocols and communications.
Finally – a quote from Stephen Poloz, Governor of the Bank of Canada:-“Canada’s financial markets are performing well and the country is well positioned for a post Covid recovery.” Good news people!
We continue to have you covered in the same tradition of trust and care.
Generations Real Estate Partners – Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis