News: Vancouver Real Estate Market
BC Home Sales, BCREA, British Columbia Real Estate Association, Covid-19 Housing Market Update, COVID-19 impact on home prices, Greater Vancouver, Home Buyers, Home Owners, Home Prices, Metro Vancouver, MLS, MLS Home Sales, MLS listings, Multiple Listing Service, Real Estate Market, Residential Homes, The New Normal
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.
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...
2020 Market Report, Aggregate Home Price, Canada Home Prices, City of Vancouver, Condominium, COVID-19 impact on home prices, First Quarter, Greater Vancouver, Greater Vancouver Housing, Home Price, Market Forecast, Market Statistics, Metro Vancouver, Real Estate Sales, Residential Homes, RLP Market Forecast, Royal LePage Market Forecast
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...
BC Home Sales, BC Housing Market, BC Provincial GDP, BCREA, British Columbia Real Estate Association, Canadian Economy, COVID-19 Economic Data, COVID-19 Recession, Economic Growth, Economic impact of COVID-19, Greater Vancouver, Home Owners, Interest Rates, Metro Vancouver, Residential Homes, Unemployment Rate
In the past 40 years, the Canadian economy has had three recessions, each of them different in cause, depth, and duration. The 2020 COVID-19 recession is said to be deep, but will not last long when compared to past recessions. The one glaring similarity throughout these recessions is how the BC housing market has both endured and recovered successfully.
According to the current forecast, the Canadian economy is said to contract approximately by 4% in the first quarter of 2020, followed by a startling...
BC Home Rentals, BC Temporary Rental Supplement Program, BC-TRS, Covid-19, Dependents, Eligible Households, Greater Vancouver, Home For Rent, Household Income, Impact of COVID-19 on housing, Landlord, Metro Vancouver, Monthly Rent, Rent Assistance, Rental Income, Rentals, Renting in BC, Residential Homes, Tenancy Agreement, Tenant
The BC Temporary Rental Supplement (BC-TRS) Program aims at offering up to $500 a month to assist renters and landlords during the COVID-19 pandemic. This is part of the province's $5 billion action plan and payments are made directly to the landlords of eligible households. Tenants should inform their landlords that they are applying for the BC-TRS.
What do you need to know about the program?
- The program will be a temporary rental supplement for April, May and June 2020.
- Applicants will only have...
Active Listings, Active MLS Listings, Apartment Sales, Attached House, Benchmark Price, Detached House, February 2020, Greater Vancouver, Home Owner, Housing Market Statistics, Market Statistics Real Estate, Metro Vancouver, MLS Listings, Real Estate Board of Greater Vancouver, Real Estate Sales, REBGV, Residential Homes, Townhouse For Sale, Vancouver BC Home Sales
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,"...
BCREA, Greater Vancouver, Home Buyers, Homes For Sale, Market Analysis, Metro Vancouver, MLS listings, Multiple Listing Service, Real Estate Market, Real Estate Statistics, Real Estate Stats, Residential Homes, Residential Units, Vancouver Home Sales
In January 2020, a total of 4,426 residential units were recorded by the Multiple Listing Service® (MLS®), as reposted by the British Columbia Real Estate Association (BCREA). This was an increase of 23.7% when compared to 3,579 units sold in January 2019.
The total sales dollar volume was $3.2 billion in January, which is a 35% increase over 2019. The average MLS® residential price in BC was $725,370, a 9.1% increase from $664,633 recorded the previous year.
"Housing markets in BC are...