In September 2020 the Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,643. This is a 56.2% increase from the 2,333 sales recorded in September 2019 and a 19.6% increase from the 3,047 homes sold in August 2020.
"We've seen robust home sale and listing activity across Metro Vancouver throughout the summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."
The Multiple Listing Service® (MLS®) in Metro Vancouver had 6,402 detached, attached, and apartment properties newly listed for sale in September 2020. This represents a 31.6% increase compared to the 4,866 homes listed in September 2019 and a 10.1% increase compared to August 2020 when 5,813 homes were listed.
In September 2020, the sales-to-active listings ratio for all property types is 27.8%. By property type, the ratio is 28.3% for detached homes, 36.1% for townhomes, and 24.8% for apartments.
"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8% increase over September 2019, and a 0.3% increase compared to August 2020.
The benchmark price for detached properties is $1,507,500. This represents a 7.8% increase from September 2019 and a 1.1% increase compared to August 2020. The benchmark price of an apartment property is $683,500. This represents a 4.5% increase from September 2019 and a 0.3% decrease compared to August 2020. The benchmark price of an attached unit is $809,900. This represents a 5.2% increase from September 2019 and a 0.4% increase compared to August 2020.