While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020.
Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982.
“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”
Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic.
“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.
There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606).
For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020.
“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said.
Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020.
Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020.
Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020.
We're doing a series of videos to help shine a light on a few of our favourite local vendors we don't want to lose during COVID-19. A 20% drop in business is a lot for the big companies, but a 20% drop for local small business is often the end for them.
Small businesses are the backbone and soul of our communities. It’s more important than ever that we support local businesses at this time.
Jill Hasman chats with Herve Martin, owner of The French Table, a lovely bistro at 3196 Main Street about how Covid-19 has impacted his restaurant.
They are open for take out every day from 5-8pm.
Currently, take out represents 6-10% of their previous sales, but Herve emphasises how important it is to maintain a connection with his patrons.
Watch the video to hear Herve's top two menu items to be ordering!
Stay tuned for more videos on supporting Vancouver independent businesses.
We're doing a series of videos to help shine a light on a few of our favourite local vendors we don't want to lose during COVID-19. A 20% drop in business is a lot for the big companies, but a 20% drop for local small business is often the end for them.
Small businesses are the backbone and soul of our communities. It’s more important than ever that we support local businesses at this time.
In this video, Andrew Hasman is standing socially distanced with Justin Ault of Hapa Izakaya for a short interview.
Andrew: Justin, tell us how COVID-19 has impacted your business?
Justin: Well, Andrew, like a lot of businesses it’s had a huge impact. We had to lay off the majority of our staff, keeping a few of our kitchen staff for delivery orders. It has been a whole new ball game, delivery is something we’ve never done as we put a lot of effort into the presentation of each dish, and that’s just not the same for take-out in a box. However, delivery orders are our lifeline now and we have to do what we have to do. It has taken adjusting.
Andrew: It’s a new reality…For anyone watching watching this video, tell us a bit about the restaurant.
Justin: As our name says, ‘izakaya’ is a Japanese style pub serving small plates -tapas, if you will, and most people share them family style. We have sushi on the menu, but we’re not a sushi restaurant -lots of cooked food beyond fish. The atmosphere at Hapa Izakaya is normally full of energy and fun! Hopefully we can reopen in a couple months.
Andrew: If I’m a first time diner, what are two menu items that are must-haves?
Justin: Only two, that’s a tough one! I would say the Ebi Mayo -deep fried prawns with slightly spicy mayo, and the Stone Bowl Rice available in four different varieties, something for everyone.
Andrew: I can speak from personal experience as I have ordered from Hapa Izakaya a number of occasions and the food is fabulous!
For anyone considering ordering in tonight, please consider ordering from Hapa Izakaya in Yaletown. They’re available on Uber Eats, Skip the Dishes, and Door Dash. Together, let’s make sure to continue to support small businesses during this difficult period of COVID-19.
To recap, March started off strong with strong demand and low levels of listings. We were seeing quite a few properties go into multiple offers, and a price pressure on Vancouver’s Eastside in respect to houses, condos, and townhouses. Emergency measures came into effect mid-March, and of course we saw the Vancouver market impacted.
A lot of sales came through towards the end of March to early April, likely from negotiations already in progress around the same time as the emergency measures. We likely won’t know the true impact of the pandemic until the end of April.
We have noticed that the buyers are serious about looking to buy, and sellers are moving forward with their property sales –primarily vacant or land value properties, and less owner occupied. Owner occupied properties already listed have been removed due to social distancing.
If you have questions, Jill and I continue to market all our properties with safety in mind, offering virtual open houses and tours. Feel free to give us a call at 604-657-7936.
Hope everyone is staying safe, and a big shoutout to the frontline workers!
The March 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’s* housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 per cent increase from the 1,727 sales recorded in March 2019, and a 17.4 per cent increase from the 2,150 homes sold in February 2020.
Last month’s sales were 19.9 per cent below the 10-year March sales average.
“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.”
Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.
“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.
“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.”
There were 4,436 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2020. This represents a 10.4 per cent decrease compared to the 4,949 homes listed in March 2019 and a 10.8 per cent increase compared to February 2020 when 4,002 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,606, a 24.8 per cent decrease compared to March 2019 (12,774) and a 4.5 per cent increase compared to February 2020 (9,195).
“Realtors were named among the province’s list of essential services last week,” Smith said. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.”
For all property types, the sales-to-active listings ratio for March 2020 is 26.3 per cent. By property type, the ratio is 21.1 per cent for detached homes, 33 per cent for townhomes, and 28.9 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700. This represents a 2.1 per cent increase over March 2019, and a 1.3 per cent increase compared to February 2020.
Sales of detached homes in March 2020 reached 852, a 61.1 per cent increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7 per cent increase from March 2019, and a 1.2 per cent increase compared to February 2020.
Sales of apartment homes reached 1,179 in March 2020, a 35.1 per cent increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9 per cent increase from March 2019, and a 1.4 per cent increase compared to February 2020.
Attached home sales in March 2020 totalled 493, a 51.7 per cent increase compared to the 325 sales in March 2019. The benchmark price of an attached unit is $791,800. This represents a 2.5 per cent increase from March 2019, and a 0.9 per cent increase compared to February 2020.
How our world has changed in just a few short weeks. For most of us it means being confined to our homes only popping out for some fresh air, exercise and picking up groceries.
Jill and I want you to all know that during this crisis we will be working from home, taking calls and answering any of your inquiries. We think that for the most part, sales and new listing activity will slow down dramatically. That being said, there are always some home owners that have to sell for time sensitive reasons. For those few we want you to know that we are here to help. There are precautions that can be taken to minimize the health risk to all involved when it comes to listing and marketing a home.
We are now implementing Virtual Open Houses, 3D Video tours of homes and procedures to ensure safety when it comes to in person viewings of a property.
During the pandemic there will be NO public open houses. All in person viewings will be handled in a controlled environment to ensure buyers enter a home 1 group at a time and use hand sanitizer prior to entering the home. Buyers will also be instructed to avoid touching any surfaces in the home. All buyers will be asked a series of questions to ensure they are not feeling unwell or have travelled in the past 14 days. Our clients & the public’s safety are our top priority during this challenging time.
For the majority of home owners and buyers, real estate may be far down on your list of priorities right now. We get it.
For most we all want to stay healthy and see this crisis behind us as soon as possible.
Jill and I want to wish everyone to stay safe and healthy and look forward to connecting with you soon.
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.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), 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 GVR, 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 GVR, the FVREB or the CADREB.