News: Vancouver Real Estate Market

RESILIENT RESPONSE AS HOUSING MARKET SLOWS AMID PANDEMIC

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.

BCREA Statistics Release 2020

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 pandemic," said BCREA Chief Economist Brendon Ogmundson. "However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens."

When compared to the same time last year, home sales were down by more than half. There is normally a rise in the homes for sale through springtime, but there was a 10% decrease on a seasonally adjusted basis and down 23.7% year-over-year.

Year-to-date, BC residential sales dollar volume was up 9.6% to $15.3 billion, compared with the same period in 2019. Residential unit sales were down 1.7% to 20,164 units, while the average MLS® residential price was up 11.6% to $758,614.

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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.