BC’s economy is now starting to open up which is great news. Nobody knows how this Covid 19 is going to play out going forward so for everyone, we are all just trying to figure out how to get on with our daily lives while staying safe and healthy.
With Real Estate being deemed an essential service by the Provincial Government, Jill and I want you to know that we are here for all our clients during this uncertain time to answer questions and help those looking to buy and sell. Yes, you can buy and sell a home during Covid 19 in a safe manor. Our industry has adapted over the past two months in the way we show, market and sell homes.
Over the past few weeks Vancouver has seen a nice steady uptick in real estate activity. While we are no- where near the 10 years sales averages of the past, we have seen a healthy bounce off the dismal April numbers. It feels like buyers and sellers are now getting more comfortable with getting out and getting on with their lives.
For those looking to sell, right now we see an ideal opportunity in many segments of the market. Record low housing inventory is great if you are looking to list your home. You have far less competition and many more buyers chasing far fewer homes listed for sale. This imbalance has resulted in many multiple offer scenarios and continued price stability in our market.
For home buyers, the past two months have seen fewer listings but also fewer buyers meaning in some cases more time to make a buying decision and the ability to negotiate. Money is dirt cheap so the cost of a mortgage is rock bottom. Why wait until all the buyers return. Buy now while money is cheap and you have the ability to negotiate.
To sum up we would say that timing the market is very difficult. It’s the right time to buy or sell when it’s right for you. We think that despite Covid 19 Vancouver’s housing market remains stable .
If you have any questions about the market in your neighborhood reach out and call or email us anytime.
Stay safe and stay healthy
Andrew & Jill Hasman
The May 2020 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
If you are interested in a report like this is for other areas, please contact me to request it and I'll send it to you.
Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.
"Home prices have been stable during the COVID-19 period," Colette Gerber, REBGV Chair said. "While we’re seeing a variety of long-term projections for the market, it's critical to understand the facts and trends as they emerge."
Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.
Last month’s sales were 54.4 per cent below the 10-year May sales average.
"Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020," Gerber said. "Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market."
There were 3,684 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2020. This represents a 37.1 per cent decrease compared to the 5,861 homes listed in May 2019 and a 59.3 per cent increase compared to April 2020 when 2,313 homes were listed.
"Home buyers and sellers are working with their REALTORS® to use new tools to complete different stages of the real estate transaction virtually," Gerber said. “When in-person interactions are necessary, we’re working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,927, a 32.4 per cent decrease compared to May 2019 (14,685) and a 5.7 per cent increase compared to April 2020 (9,389).
For all housing types, the sales-to-active listings ratio for May 2020 is 15 per cent. By housing type, the ratio is 13.5 per cent for detached homes, 18.9 per cent for townhomes, and 14.8 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Sales and benchmark prices by property type
Sales of detached homes in May 2020 reached 534, a 41.5 per cent decrease from the 913 detached sales recorded in May 2019. The benchmark price for detached properties is $1,456,700. This is a 0.3 per cent increase from April 2020, a 2.2 per cent increase over the past three months, and a 2.9 per cent increase compared to May 2019.
Sales of apartment homes reached 653 in May 2020, a 47.6 per cent decrease compared to the 1,246 sales in May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3 per cent decrease from April 2020, a 0.9 per cent increase over the past three months, and a three per cent increase compared to May 2019.
Attached home sales in May 2020 totalled 298, a 37.8 per cent decrease compared to the 479 sales in May 2019. The benchmark price of an attached home is $792,700. This is a 0.2 per cent increase from April 2020, a 1.2 per cent increase over the past three months, and a 1.8 per cent increase compared to May 2019.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.