News: Vancouver Real Estate Market

The surge of home sale and listing activity continues into the fall.

Home sale and new listing activity remained at near-record levels across Greater Vancouver in October.

Residential home sales in the region totalled 3,687 in October 2020, a 29% year over year increase, and a 1.2% increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7% above the 10-year October sales average and stands as the second-highest total on record for the month.

"Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said. "Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way."

There were 5,571 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2020. This represents a 36.7% increase compared to the 4,074 homes listed in October 2019 and a 13% decrease compared to September 2020 when 6,402 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416, a 1.5% increase compared to October 2019 (12,236) and a 5.2% decrease compared to September 2020 (13,096).

"With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said. "To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information."

For all property types, the sales-to-active listings ratio for October 2020 is 29.7%. By property type, the ratio is 30.9% for detached homes, 43.5% for townhomes, and 24.9% for apartments.

Sales of detached homes in October 2020 reached 1,335, a 42.3% increase from the 938 detached sales recorded in October 2019. The benchmark price for a detached home is $1,523,800. This represents an 8.5% increase from October 2019 and a 1.1% increase compared to September 2020.

Sales of apartment homes reached 1,570 in October 2020, a 13.4% increase compared to the 1,384 sales in October 2019. The benchmark price of an apartment property is $683,500. This represents a 4.4% increase from October 2019 and is unchanged compared to September 2020.

Attached home sales in October 2020 totalled 782, a 45.9% increase compared to the 536 sales in October 2019. The benchmark price of an attached home is $813,000. This represents a 5.4% increase from October 2019 and a 0.4% increase compared to September 2020.

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