![\"vancouver](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2020\/11\/vancouver-home-sales-compressed.jpg\")
<\/a>Photo:\u00a0Ahmed Bukhamsin\/Flickr<\/a><\/em><\/p>\nAfter a record-breaking October, the Vancouver region\u2019s housing market is set to continue its stellar run in November as the factors underpinning its strength are showing no signs of changing.<\/p>\n
Writing in response to the Real Estate Board of Greater Vancouver\u2019s October data published last week, Central 1 Credit Union Deputy Chief Economist Bryan Yu said that while high unemployment and uncertainty over the pandemic persist, low mortgage rates, high savings levels and steady incomes for higher earners have ensured the region\u2019s market remains on a tear.<\/p>\n\n
With mortgage rates not expected to meaningfully rise for months, or even years, Yu said that there are few signs of a change in trend for the market in November.<\/p>\n
As has become increasingly common across major markets this year, detached homes and townhomes continue to substantially outperform high-rise condos on the sales volume and pricing fronts. Yu said that the former markets tightened further in October, resulting in \u201cstrong sellers\u2019 market conditions.\u201d<\/p>\n
The economist did acknowledge the weakness observed in the condo market, but even here Yu sounded upbeat about a turnaround as the pandemic\u2019s effects eventually subside.<\/p>\n
\u201cRelative weakness in the apartment condominium sector is expected to be temporary as borders re-open for students and substantially higher immigration targets for the coming three years which will drive both homeownership and rental demand,\u201d Yu wrote.<\/p>\n