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 more comfortable operating within the physical distancing and other safety protocols in place."
There were a total of 5,787 attached, detached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7% decrease compared to June 2019 (14,968) and a 15.1% increase compared to May 2020 (9,927).
"Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood."
Based on property types, the sales-to-active listings ratio for June 2020 is 21.4%. By property type, the ratio is 19.9% for detached homes, 25.2% for townhomes, and 21.3% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5% increase over June 2019 and a 0.3% decrease compared to May 2020.
The benchmark price for a detached home is $1,464,200. This represents a 3.6% increase from June 2019 and a 0.5% increase compared to May 2020. The benchmark price of an apartment property is $680,800. This represents a 3.6% increase from June 2019 and a 0.8% decrease compared to May 2020. The benchmark price of an attached home is $790,800. This represents a 2.3% increase from June 2019 and a 0.2% decrease compared to May 2020.