The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400 according to The Real Estate Board of Greater Vancouver (REBGV). This is virtually unchanged from April 2020, a 1.4% increase over the last three months, and a 2.9% increase compared to May 2019.
"Home prices have been stable during the COVID-19 period," Colette Gerber, REBGV Chair said. "While we're seeing a variety of long-term projections for the market, it's critical to understand the facts and trends as they emerge."
There were 3,684 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2020. This represents a 37.1% decrease compared to the 5,861 homes listed in May 2019 and a 59.3% increase compared to April 2020 when 2,313 homes were listed.
"Homebuyers and sellers are working with their REALTORS® to use new tools to complete different stages of the real estate transaction virtually," Gerber said. “When in-person interactions are necessary, we're working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,927, a 32.4% decrease compared to May 2019 (14,685) and a 5.7% increase compared to April 2020 (9,389). For all housing types, the sales-to-active listings ratio for May 2020 is 15%.
The benchmark price for detached properties is $1,456,700. This is a 0.3% increase from April 2020, a 2.2% increase over the past three months, and a 2.9% increase compared to May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3% decrease from April 2020, a 0.9% increase over the past three months, and a 3% increase compared to May 2019. The benchmark price of an attached home is $792,700. This is a 0.2% increase from April 2020, a 1.2% increase over the past three months, and a 1.8% increase compared to May 2019.