Andrew is an applied economist and data scientist specializing in real estate and urban land economics with experience in the public and private sectors. (1 minute read)
In a busy real estate market, homes are bought and sold at a faster pace than usual. This can create a sense of urgency that causes home prices to rise.
The COVID-19 pandemic has reduced activity in Metro Vancouver’s housing market since mid-March, but home prices have remained steady throughout the last 12 months.
While Metro Vancouver’s housing market experienced an uptick in sales to end the year, despite below-average sales activity in 2019, the number of homes available for sale in the region is declining.
The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.