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.

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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.

• Activity Snapshot by PropertyType
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

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.

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The January 2020 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by PropertyType
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

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.

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February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent increase from the 1,571 homes sold in January 2020.

Last month’s sales were 15.6 per cent below the 10-year February sales average.

“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condominium market.”

There were 4,002 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2020. This represents a 2.8 per cent increase compared to the 3,892 homes listed in February 2019 and a 3.4 per cent increase compared to January 2020 when 3,872 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, a 20.7 per cent decrease compared to February 2019 (11,590) and a 6.7 per cent increase compared to January 2020 (8,617).

"Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," says Smith.

For all property types, the sales-to-active listings ratio for February 2020 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.9 per cent for townhomes, and 28.4 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 $1,020,600. This represents a 0.3 per cent increase over February 2019 and a 2.7 per cent increase over the past six months.

Sales of detached homes in February 2020 reached 685, a 52.9 per cent increase from the 448 detached sales recorded in February 2019. The benchmark price for a detached home is $1,433,900. This represents a 0.7 per cent decrease from February 2019 and a 1.9 per cent increase over the past six months.

Sales of apartment homes reached 1,061 in February 2020, a 39.8 per cent increase compared to the 759 sales in February 2019. The benchmark price of an apartment property is $677,200. This represents a 0.9 per cent increase from February 2019 and a 3.6 per cent increase over the past six months.

Attached home sales in February 2020 totalled 404, a 45.8 per cent increase compared to the 277 sales in February 2019. The benchmark price of an attached home is $785,000. This represents a 0.6 per cent increase from February 2019 and a 1.7 per cent increase over the past six months.

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The January 2020 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by PropertyType
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

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.

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Home sale and price activity remained steady in Metro Vancouver* to start 2020 while home listing activity declined in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.

Last month’s sales were 7.3 per cent below the 10-year January sales average.

“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”

There were 3,872 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1 per cent decrease compared to the 4,848 homes listed in January 2019 and a 143.8 per cent increase compared to December 2019 when 1,588 homes were listed.

Last month’s new listings were 17.4 per cent below January’s 10-year average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase compared to December 2019 (8,603), and is 13.7 per cent below the 10-year January average.

For all property types, the sales-to-active listings ratio for January 2020 is 18.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 22.6 per cent for townhomes, and 23.9 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 $1,008,700. This represents a 1.2 per cent decrease over January 2019, a 1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December 2019.

Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

Sales of apartment homes reached 814 in January 2020, a 45.6 per cent increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a one per cent decrease from January 2019, a 1.5 per cent increase over the past six months, and a one per cent increase compared to December 2019.

Attached home sales in January 2020 totalled 318, a 55.1 per cent increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7 per cent decrease from January 2019, a 1.6 per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.

GET THE FULL REPORT

The December 2019 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by PropertyType
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

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.

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The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017.

Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.

“We didn’t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,” Ashley Smith, REBGV president said. “In terms of home values, prices dipped between two and four per cent across the region last year depending on property type.”

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 51,918 in 2019. This is a 3.2 per cent decrease compared to the 53,614 homes listed in 2018 and a five per cent decrease compared to the 54,655 homes listed in 2017.

Last year’s listings total was 7.6 per cent below the 10-year average.

“Home buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” Smith said. “Confidence started to return in the summer, and we saw above average sales in the final quarter of 2019.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1 per cent decrease compared to December 2018.

The benchmark price of apartments decreased 2.7 per cent in the region last year. Townhomes decreased 2.4 per cent and detached homes decreased four per cent.

December summary

REBGV reports that residential home sales in the region totalled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019.

Last month’s sales were 9.5 per cent above the 10-year December sales average.

There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This represents a 12.9 per cent increase compared to the 1,407 homes listed in December 2018 and a 46.8 per cent decrease compared to November 2019 when 2,987 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3 per cent decrease compared to December 2018 (10,275) and a 20.1 per cent decrease compared to November 2019 (10,770).

For all property types, the sales-to-active listings ratio for December 2019 is 23.4 per cent. By property type, the ratio is 15.2 per cent for detached homes, 25.7 per cent for townhomes, and 32.5 per cent for apartments.

Generally, analysts say that 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 of detached homes in December 2019 reached 599, a 72.1 per cent increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a four per cent decrease from December 2018, and a 0.6 per cent increase compared to November 2019.

Sales of apartment homes reached 1,053 in December 2019, a 96.8 per cent increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7 per cent decrease from December 2018, and a 0.8 per cent increase compared to November 2019.

Attached home sales in December 2019 totalled 364, a 92.6 per cent increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4 per cent decrease from December 2018, and a 0.7 per cent increase compared to November 2019.

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