The Financial Post had an interesting story with a headline that reads:
To the surprise of many, the residential real estate market didn't experience any sustained downturn through six months of the COVID-19 pandemic so far. In fact, it seemed that pent up buying (and selling) was suddenly unleashed in July as the economy began a gradual reopening. People who were in essence in "lockdown" at home had time to reflect on what type of home they really wanted and sellers had time to prepare their home for listing.
The Fraser Valley market, in which I specialize, has been a great beneficiary of the trends I outlined in earlier blog posts. Namely, buyers get way more bang for their buck in the Fraser Valley real estate markets like Surrey, Langley, Abbotsford, Mission etc. In a world where remote working (work from home) is becoming normalized and the desire for more physical space growing, the housing market and types in the Fraser Valley offer compelling value and lifestyle.
I expect more and more people will want to leave the tight living of dense urban areas (i.e. Vancouver and Burnaby) and seek more room and comfort in more spacious homes and properties out in the Valley. It makes a great deal of sense in a world where physical distancing is emphasized.