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Coronavirus and the Impact on Real Estate Sales on Vancouver Island.

Home > Market News > Nancy’s Blog > Coronavirus and the Impact on Real Estate Sales on Vancouver Island.

Summary: Markets will pause, increasing demand.

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Mar 15th, 2020 at 1:50 pm

Superficially, this is what I expect. The stock market, the government and the media have been negative on growth, interest rates and investments, however on Vancouver Island, real estate prices have jumped up to 40% over the past five years. Many potential sellers who do not need to move off Vancouver Island have resisted selling their homes to either upgrade or relocate. For twenty years, the working class have been moving off Vancouver Island to take advantage of superior wages in the oil fields and in Northern industry. These people are now on the verge of retiring and moving back to Vancouver Island.

This twenty year trend stagnated housing development until the past eight years in Victoria, and five years for the rest of Vancouver Island. In fact housing development has been centered in the major Island cities, like Victoria, Nanaimo, Parksville, Comox Valley and Campbell River.

Each subsequent year for the past five years Island people have re-entered the market and after watching Vancouver prices escalate into dreamland, many have optomistically taken huge leaps in purchasing a new home.

The Coronavirus could slam this optimism, but only for the short term. Remember, we had to take our shoes and socks off for SARS at the airports, 911 caused panic for the airline industry, Y2K computer fears had people panicking, and we have dredged up statistics on the Bubonic Plague, so we can only assume the Coronavirus fuss will detour the market in the short term, but demand and financial conditions, like lowered interest rates, can only pause the trend to more sales and higher prices on Vancouver Island.

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