Home prices in Vancouver haven't gone down because people affected by COVID couldn't afford them to start with
But the price of buying a home? Well, some things stay the same.
"There is a little bit of disconnect right now," said Central 1 deputy chief economist Bryan Yu.
Even with unemployment in B.C. at 13 per cent and a forecast GDP reduction of 7.8 per cent this year, the benchmark price of a property in Greater Vancouver has essentially remained constant — going from $1.02 million in February to $1.03 million in May.
While there's evidence on sites like Craigslist that the price of rentals has dropped in the last three months, Yu said that the ownership market has stayed static and could even see a slight uptick when official numbers are released next week for June..
He believes one key reason is that people most impacted by the economic downturn weren't players in Vancouver's housing market to begin with.
"Whether it's the accommodation sector or restaurant services ... the economic impact has predominantly hit the lower end of the income spectrum," said Yu.
"For higher income individuals still in the market, it's likely they were still in the market. They were able to work or stay at home, in some cases able to save money."