News: Vancouver Real Estate Market

SEPTEMBER SEES SURGE IN METRO VANCOUVER HOME SALES AND LISTINGS

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.

REBGV Market Stats Package

"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.

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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.