What the pandemic means for Vancouver's real estate market where I explained that historically for every one per cent rise in unemployment there is a four per cent decrease in housing prices. Between February and August this year the unemployment rate doubled while the Canadian housing market hit all-time highs. The lower rates increased demand at a time when supply was relatively low and, as a result, despite unemployment numbers doubling, the prices of real estate hit new highs. For those forced to sell there is at least a silver lining in that real estate prices have gone up, putting them in a better position today than six months ago. There has been a fundamental shift in what is deemed desirable in real estate.

Source: CBC News September 20, 2020 14:01 UTC