In July 2020, residential home sales in the region totaled 3,128 according to the Real Estate Board of Greater Vancouver (REBGV). This represents a 22.3% increase from the 2,557 sales recorded in July 2019 and a 28% increase from the 2,443 homes sold in June 2020.
"We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year," Colette Gerber, REBGV Chair said. "Low-interest rates and limited overall supply are also increasing competition across our market."
The Multiple Listing Service® (MLS®) in Metro Vancouver had 5,948 detached, attached, and apartment properties newly listed for sale in July 2020. This represents a 28.9% increase compared to the 4,613 homes listed in July 2019 and a 2.8% increase compared to June 2020 when 5,787 homes were listed.
"Safety remains the top priority for our REALTOR® community," Gerber said. "We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting."
In July 2020, the sales-to-active listing ratio for all property types is 25.9%. By property type, the ratio is 25.1% for detached homes, 31.1% for townhomes, and 24.7% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400. This represents a 4.5% increase over July 2019 and a 0.6% increase compared to June 2020.
The benchmark price for a detached home is $1,477,800. This represents a 5% increase from July 2019 and a 0.9% increase compared to June 2020. The benchmark price of an apartment property is $682,500. This represents a 4.2% increase from July 2019 and a 0.3% increase compared to June 2020. The benchmark price of an attached home is $797,700. This represents a 3.7% increase from July 2019 and a 0.9% increase compared to June 2020.
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