News: Vancouver Real Estate Market

In partnership with Environics, Genworth Canada is excited to share the results of their recent Homeownership and Financial Fitness Study.

Homeownership and Financial Fitness Study

Prior to COVID-19, Canadians and Canadian homeowners were showing their strongest financial fitness to date. Social isolation, job loss, remote work, and other sacrifices resulted in a decline on Canadians' financial fitness overall, but by less than it certainly would have been without federal government programs and mortgage deferrals. Getting Canadians back...

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The British Columbia Real Estate Association (BCREA) has released its 2020 Second Quarter Forecast. According to the release, a 21% decline in Multiple Listing Service® (MLS®) residential sales to approximately 61,000 units this year, after recording 77,347 residential sales in 2019. MLS® residential sales are forecast to increase by 45.3% to 88,500 units in 2021.

Covid-19 BCREA Second Quarter Housing Market Update

"The bright outlook for 2020 home sales has been upended by the COVID-19 pandemic and resulting recession," said Brendon Ogmundson,...

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According to the British Columbia Real Estate Association (BCREA), there was a total of 3,284 residential units recorded by the Multiple Listing Service® (MLS®) in April 2020. This is a decline of 50.8% from April 2019.

BCREA Statistics Release 2020

The average MLS® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9% decrease over 2019.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19...

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In April 2020, the residential home sales in the region totaled 1,109 as per the Real Estate Board of Greater Vancouver (REBGV). This is a 39.4% decrease from the 1,829 sales recorded in April 2019 and a 56.1% decrease from the 2,524 homes sold in March 2020.

REBGV Market Stats Package

"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...

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Canada's aggregate home prices are predicted to grow 1% by the end of 2020 in a best-case scenario. If the restrictions remain in place through late summer, a national home price decrease of 3% is expected by the end of 2020. In the first quarter of 2020, the aggregate home price in Canada climbed 4.4% year-over-year.

COVID-19 Q1 Home Price Forecast

Where does Greater Vancouver stand in all of this?

During the first quarter of 2020, the aggregate price of a home in Greater Vancouver decreased by 2.1% year-over-year to $1,083,166...

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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.