In August 2020, residential home sales in the region totaled 3,047 according to the Real Estate Board of Greater Vancouver (REBGV). This is a 36.6% increase from the 2,231 sales recorded in August 2019 and a 2.6% decrease from the 3,128 homes sold in July 2020.
"People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer," Colette Gerber, REBGV Chair said. "Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall."
The Multiple Listing Service® (MLS®) in Metro Vancouver had 5,813 detached, attached, and apartment properties newly listed for sale in August 2020. This represents a 55.1% increase compared to the 3,747 homes listed in August 2019 and a 2.3% decrease compared to July 2020 when 5,948 homes were listed.
In August 2020, the sales-to-active listings ratio for all property types is 23.8%. By property type, the ratio is 23.7% for detached homes, 30.5% for townhomes, and 21.6% for apartments.
"Low-interest rates and the limited overall supply of homes for sale are creating competition in today’s housing market," Gerber said. "Your local REALTOR® can help you navigate today’s market and ensure that the latest public health requirements are followed at every step of the process. Above all, safety has to remain our top priority during this pandemic."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.
The benchmark price of a detached home is $1,491,300. This represents a 6.6% increase from August 2019 and a one% increase compared to July 2020. The benchmark price of an apartment property is $685,800. This represents a 4.5% increase from August 2019 and a 0.5% increase compared to July 2020. The benchmark price of an attached home is $806,400. This represents a 4.4% increase from August 2019 and a 1.1% increase compared to July 2020.