News: Vancouver Real Estate Market

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...

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...

What does this mean for us?

Greater Vancouver house prices will see a stabilization in 2020. The aggregate prices for homes is forecasted to hit $1,125,200, an increase if 1.5% in 2020. For two-storey homes the prices are expected to rise to $1,460,700, a rise of 1.25% year-over-year. Median prices for condominiums is also said to rise to $666,900, a 3.0% increase by the end of next year.

According to Randy Ryalls, Managing Broker, Royal LePage Sterling Realty, "Sales have picked up significantly...