News: Vancouver Real Estate Market

NEW SYSTEMS TAKE SHAPE AS HOME SALES AND LISTINGS DROP AMID THE PANDEMIC

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.

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"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 to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic."

"We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighborhood amenities with their clients and handle paperwork electronically," Gerber said.

In April, there were 2,313 detached, attached, and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This represents a decrease of 59.7%, to 5,742 when compared to April 2019 and a 47.9% decrease, to 4,436 homes when compared to March 2020. In Metro Vancouver, there are 9,389 homes currently listed for sale on the MLS®.

The sales-to-active listings ratio for April 2020 is 11.8% and the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. In April 2020, the sales of detached homes reached 388, while the sale of apartments and attached homes reached 503 and 218 respectively.

"Home prices have held relatively steady in our region since the COVID-19 situation worsened in March," Gerber said.

The benchmark price for detached properties is $1,462,100. This represents a 2.3% increase from April 2019 and a 0.8% increase compared to March 2020. The benchmark price of an apartment property is $685,500. This represents a 2.7% increase from April 2019 and a 0.2% decrease compared to March 2020. The benchmark price of an attached home is $796,800. This represents a 2.8% increase from April 2019 and a 0.6% increase compared to March 2020.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.