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.

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Here's Our Personal Perspective

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.

If You Have to Sell

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.

Andrew Hasman, yor Vancouver Realtor, gives a quick recap on how the housing market has developed over the last year and where it stands currently, along with offering some helpful advice to anyone looking to sell their house this year.

Jill and Andrew Hasman from RE/MAX Andrew Hasman & associates brings you an exclusive network of specialists to assist you with all your real estate needs as part of our ongoing Seminar Series. On November 21st from 7:30-9pm we will be providing a live market update on Vancouver real estate along with Clinton Cuddington from Measured Architecture Inc. who will be talking about renovating and building in Vancouver's dynamic and diverse landscape.  

Measured Architecture is a full-service Vancouver-based studio practice focused on modern design, interiors and landscapes. Current projects include residential and vacation homes, multi-family housing, as well as public spaces. Their work is split equally between new builds and renovations.

If you'd like to find out the details and join us go to please click here to RSVP.

Look for our other up and coming speakers throughout the year.

Located in the Lower Mainland of British Columbia, Vancouver is the most populous city in the province with more than 600,000 people. Vancouver is a coastal seaport city with some of the warmest year-round temperatures in Canada. It boasts a beautiful landscape of sea and mountains and is a popular place for outdoor and urban enthusiasts.

We know that Canadian’s truly celebrate the liveabililty factors of their neighbourhood – the qualities that give homeowners the true satisfaction of their home within the context of a neighbourhood. In fact a Leger survey conducted by RE/MAX revealed that 89% of Canadians recommend their neighbourhoods to others. Unlike your home, neighbourhoods cannot be changed, so it is important to assess what qualities are important to you before you purchase. Luckily, when it comes to Vancouver, there is a lot of celebrate in terms of liveability.

A survey of RE/MAX Brokers revealed that the best places to live in Vancouver are Main, West End and Kerrisdale rank as the top three neighbourhoods in Vancouver for access to green spaces and parks, walkability, retail and restaurants and the ease of getting around/public transit.

In the same Leger survey, six-in-10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit (36 per cent), work (30 per cent) and to preferred schools (18 per cent), as well as cultural and community centres (18 per cent) fall out of the top five neighbourhood wants and expectations. So how does Vancouver stack up? 

If you are searching for the best place to live in Vancouver, Main ranks as the top hidden gem neighbourhood, while Mount Pleasant, Downtown – Vancouver West and Renfrew-Collingwood rank as the top three neighbourhoods for affordability and good supply of housing inventory.

Interested in seeing how Vancouver compares to other cities across Canada? Explore the RE/MAX Liveability Report to learn more about the features Canadians value when it comes to the places they live.