Mandy Sarfi Real Estate
3995 Fraser Street V5V 4E5 Vancouver, BC, Canada

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1.) Wow!! December 2020 was busy with 53.4% more transactions taking place than December 2019; 2.) We saw over #30,000 annual transactions for the first time in several years. In fact there were #30,944 transactions in the 2020 year which was a 22.1% increase over 2019; 3.) Following the initial fear COVID presented in mid March/April we embarked on a very busy real estate market that was a result of the following:... a.) Consumers who were already in the market or who had jobs that were not affected by COVID made up the bulk of buyers and sellers in 2020; b.) There was a big demand for more space which saw many people move further east and buy larger living spaces; c.) Consumers in 2020 could not take vacations easily and many saved money by spending less. They re-positioned this savings towards housing needs; d.) 2018/19 saw tepid levels of activity and so there was a real pent-up demand for buyers and sellers to re-position. e.) Interest rates are extremely low and indications from government lean towards this remaining so for a while; Looking forward: 1.) Early 2021 is showing that the market is lacking inventory; 2.) Early indications are showing that the market will continue where it left off in 2020 and likely grow modestly in 2021 in both transaction volume and price; 3.) Late 2020 saw fresh movement in the entry level and 1-bedroom condo market; Summary: Strong buyer demand, lack of inventory, projections of further activity, low interest rates and a COVID vaccine in the works is presenting a very stable Real Estate Market to be both a Buyer and a Seller.