It has been reported that the brisk market of March and April are over for the real estate market in Metro Vancouver, and that this temporary decline my last for a while.
The main reason for the slow down is due in part to the expected easing of restrictions brought about by COVID-19.
Real Estate markets typically slow down in the summer, when people travel, but with the easing of restrictions, more travel locally and the promise of travel abroad may slow things down even more for the next couple months.
This may not be great news for sellers, but on the upside, with fewer listings coming on the market, prices shouldn't go down in the line with the decrease in homes being sold.
For the buyers out there, you can perhaps take solace in less competition.
So while that may be what the summer of 2021 will look like, the fall market could be a lot different.
As the borders begin to open, post secondary schools' welcome students back in person, and immigration starting up, demand not seen in the real estate market since pre-COVID could emerge.