News: Vancouver Real Estate Market

While the year started slower than usual, Metro Vancouver’s1 housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

"Back in January, few people would have predicted...

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...

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...

In September 2020 the Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,643. This is a 56.2% increase from the 2,333 sales recorded in September 2019 and a 19.6% increase from the 3,047 homes sold in August 2020.

"We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing...

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...

In July 2020, the British Columbia Real Estate Association (BCREA) reported a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®). This showed an increase of 26.6% from the same month last year. The average MLS® residential price in BC was $770,810, a 12.9% increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43% increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA...

In July 2020, residential home sales in the region totaled 3,128 according to the Real Estate Board of Greater Vancouver (REBGV). This represents a 22.3% increase from the 2,557 sales recorded in July 2019 and a 28% increase from the 2,443 homes sold in June 2020.

"We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year," Colette Gerber, REBGV Chair said. "Low-interest rates and limited overall supply are also...

Royal LePage revises Canadian home price forecast upwards to 2.3% by year-end 2020, as low rates and pent-up demand face limited housing supply.

What does this mean for Greater Vancouver?

In the second quarter, the aggregate price of a home in Greater Vancouver increased by 1.9% year-over-year to $1,109,069. Based on housing type, the median price of a standard two-storey home in Greater Vancouver increased by 3.7% year-over-year to $1,455,027 in the second quarter. During the same period, the median...

Residential home sales in the region totalled 2,443 in June 2020 accroding to the Real Estate Board of Greater Vancouver (REBGV). This is a 17.6% increase from 2,077 sales recorded in June 2019 and a 64.5% increase from the 1,485 homes sold in May 2020.

"REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way," Colette Gerber, REBGV Chair said "Over the last three months, home buyers and sellers have become...

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400 according to The Real Estate Board of Greater Vancouver (REBGV). This is virtually unchanged from April 2020, a 1.4% increase over the last three months, and a 2.9% increase compared to May 2019.

"Home prices have been stable during the COVID-19 period," Colette Gerber, REBGV Chair said. "While we're seeing a variety of long-term projections for the market, it's critical to...

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.

"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...

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...

The beginning of March saw a steady buyer demand in Metro Vancouver's housing market and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.

According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region totalled 2,524 in March 2020, a 46.1% increase from the 1,727 sales recorded in March 2019, and a 17.4% increase from the 2,150 homes sold in February 2020.

Sales from last month were 19.9% below the 10-year...

The residential home sales in the region reached 2,150 in February 2020, a 44.9% increase when compared to the 1,484 sales that were recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020 as reported by The Real Estate Board of Greater Vancouver (REBGV).

Last month's sales were 15.6% 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,"...

The Multiple Listing Service® (MLS®) recorded a total of 77,331 residential unit sales in 2019, a decrease of 1.5% from the 78,516 units sold in 2018 as reported by the British Columbia Real Estate Association (BCREA). Furthermore, the total sales dollar volume was $54.2 billion, a 3% decrease from 2018. The previous year saw an average annual MLS® residential price at $711,564, when compared to $700,460, a decrease of 1.6%.

According to the BCREA Cheif Economist Brendon Ogmundson, "Housing...

According to the British Columbia Real Estate Association (BCREA) report, there were 6,616 residential unit sales recorded by the Multiple Listing Service® (MLS®) in November. This showed an increase of 27.5% from the same month last year. The MLS® recorded an average residential price in the province at $746,939, an increase of 5.5% from November 2018. The total sales volume saw a 34.4% increase to reach $4.94 billion, compared to the same month last year.

"After several months of strong...

It is hard to believe that it’s been 24 years since I moved to Vancouver. Like everyone, purchasing a home was something that I always wanted to accomplish.  As part of the process in finding my first home , I researched and learnt everything I could about buying real estate. I was lucky though. My father was a real estate agent. He helped guide me through the process to ensure I made the right decisions and protected my interests. Obviously not everyone has a father in the business they...