Highest July sales in 40 years!
For real estate agents and everyone who bought or sold properties during Summer, 2020, the message was clear: It’s always possible to do great real estate deals, even during a pandemic. That’s because in Calgary, Edmonton and Metro Vancouver, combined sales through June, July and August were much higher than they were in 2019.
In Calgary, there were 5,179 versus 5,002 sales a year earlier. In Edmonton, sales hit 4,146 versus 3,690 the previous year. And in Metro Vancouver, there were 8,618 sales, up from 6,865. Those are all major increases. From coast-to-coast during July, sales hit 62,355, the highest tally in more than 40 years and a 30.5 percent year-over-year increase, according to a Canadian Real Estate Association report.
Many industry professionals were wondering – and you might still be, too: “How could this happen? What about COVID-19?” Some industry watchers say the sales spike was a “delayed Spring.”
When everything re-opened in the summer, it prompted an immediate increase in real estate activity, one that usually happens in March, April and May. Others say it was because the home – as a safe haven for families and as a remotely-connected new business location -- is more important to everyone now than it was last year. Some buyers went on an immediate hunt for a larger, more luxurious home, one with extra space for a new or expanded home office and state-of-the-art personal gym. Of course, low mortgage rates can also help to drive higher volumes of sales just about any time. As the summer wound down, five-year fixed-rate mortgages became available at lower than 2 percent.
While general market indicators are important, to keep your real estate dreams alive, stay connected with your agent. If you’re selling, you’ll get advice on how to price, how to stage for optimal appeal and how to get the deal done on your terms. And you’ll get action, selling the property.
If you’re looking to buy, agents keep dreams alive because they know about the neighbourhoods (including details on transportation and amenities), the available properties and the comparative pricing in your market.