News: Vancouver Real Estate Market

After months of tracking approximately 20% below the ten-year seasonal average, Metro Vancouver home sales surged more than 30% year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9% increase from the 1,996 sales recorded in October 2023. This was 5.5% below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand,...

In January, Metro Vancouver home sellers appeared mostly hesitant, however new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR) reports that the residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly,...

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7% increase from the 1,924 sales recorded in October 2022. This total is 29.5% below the 10-year seasonal average (2,832) for October.

"With properties coming to market at a rate roughly five% above the ten-year seasonal average,...

REBGV Market Activity – June 2023

The Greater Vancouver real estate housing market is showing some conflicting indicators, suggesting a potential shift on the horizon. While the REBGV aggregate HPI benchmark price rose to $1,203,000, the overall average sales price experienced a decline, marking the first decrease since January. In June, the aggregate average property value decreased by $41,275, resulting in a final price of $1,270,619. However, when compared to the previous year, average sale prices...

Metro Vancouver's housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded in July 2020, and an 11.6% decrease from the 3,762 homes sold in June 2021.

Last month's sales were 13.3% above the 10-year July sales average.

"Moderation...

Second quarter regional highlights:

• Aggregate price of a home in Canada rose 25.3% year-over-year in the second quarter
• Demand expected to outstrip supply with upward pressure on prices, yet the pace of increases should moderate as peak price appreciation was reached in early Q2
• Greater Montreal's aggregate home price forecast to increase 17.5% year-over-year; the highest in Canada among forecasted regions
• Detached house prices continue to outpace condo appreciation, but the gap is narrowing...

The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,268 in May 2021, a 187.4% increase from the 1,485 sales recorded in May 2020, and a 13% decrease from the 4,908 homes sold in April 2021.

Last month’s sales were 27.7% above the 10-year May sales average.

"While home...

Home sellers have become increasingly active in Metro Vancouver's housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6% increase from the 1,109 sales recorded in April 2020, and a 14% decrease from the 5,708 homes sold in March 2021.

Last month's sales were 56.2% above the 10-year April sales...

Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, an increase of 126.1% from the 2,524 sales recorded in March 2020, and an increase of 53.2% from the 3,727 homes sold in February 2021.

Last month's sales were 72.2% above the 10-year March sales average and is the highest monthly sales total ever recorded in the region....

In January 2021, Metro Vancouver’s housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1% increase from the 1,571 sales recorded in January 2020, and a 22.8% decrease from the 3,093 homes sold in December 2020.

Last month’s sales were 36.4% above the 10-year January sales...

Strong December home sales brought Metro Vancouver's* 2020 sales total in line with the long-term annual average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 30,944 in 2020, a 22.1% increase from the 25,351 sales recorded in 2019, and a 25.7% increase from the 24,619 homes sold in 2018.  

Last year's sales total was 2.8% below the 10-year sales average.  

"When the pandemic began in March, the housing market came to a near...

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.

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...

According to the Royal LePage House Price Survey and Market Survey Forecast released today, if the strict stay-at-home restrictions are eased during the second quarter Canada's aggregate home price could grow a modest 1% by the end of 2020, to $653,800. If the restrictions on personal movement continues through summer, the home prices to go down by 3%, to $627,900 year-over-year.

"The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment...