April 2021 Media Stats Package

May 04, 2021

Supply response emerges in Metro Vancouver’s active housing market

Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.

Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.

"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” Keith Stewart, REBGV’s economist said. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2 per cent increase compared to the 2,313 homes listed in April 2020, a 4.2 per cent decrease compared to March 2021 when 8,287 homes were listed and is the highest new listing total ever recorded in the region in April.

"While homes are now being listed at record levels, more supply is needed to meet today's demand and help market conditions achieve greater balance," Stewart said.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1 per cent increase compared to April 2020 (9,389) and a 12 per cent increase compared to March 2021 (9,145).

Today’s active listings total is 11.2 per cent below the 10-year April average.

For all property types, the sales-to-active listings ratio for April 2021 is 47.9 per cent. By property type, the ratio is 37.4 per cent for detached homes, 70 per cent for townhomes, and 51.5 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020 and a 2.6 per cent increase compared to March 2021.

"With our market at record activity in recent months, and with the continued safety risk that COVID-19 poses, REALTORS® remain focused on helping their clients make sound and responsible buying and selling decisions today while continuing to strictly follow the pandemic safety protocols established for real estate in our province," Taylor Biggar, REBGV Chair said.

Sales of detached homes in April 2021 reached 1,655, a 326.5 per cent increase from the 388 detached sales recorded in April 2020. The benchmark price for a detached home is $1,755,500. This represents a 20.9 per cent increase from last year and a 3.2 per cent increase compared to March 2021.

Sales of apartment homes reached 2,289 in April 2021, a 355.1 per cent increase compared to the 503 sales in April 2020. The benchmark price of an apartment home is $729,600. This represents a 5.9 per cent increase from April 2020 and a 1.9 per cent increase compared to March 2021.

Attached home sales in April 2021 totalled 964, a 342.2 per cent increase compared to the 218 sales in April 2020. The benchmark price of an attached home is $900,900. This represents a 13.9 per cent increase from April 2020 and a 3.3 per cent increase compared to March 2021.

March home sales and new listings set records in Metro Vancouver

Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.

Last months sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.

In March, residents bought and listed homes across our region at levels not seen before, Taylor Biggar, REBGV Chair said. This surge in activity is increasing upward pressure on prices. Were beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.

Demand was most pronounced in rural and suburban areas. Delta South saw a 195.8 per cent increase in sales over 2020 the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per cent increase in sales.

There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in March 2021. This represents an 86.8 per cent increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase compared to February 2021 when 5,048 homes were listed.

The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 9,145, a 4.8 per cent decrease compared to March 2020 (9,606) and a 9.4 per cent increase compared to February 2021 (8,358).

This is 18.6 per cent below the 10-year March total listings average.

While we did see a record number of listings enter the market last month, the demand in todays market isnt allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year, said Biggar.

For all property types, the sales-to-active listings ratio for March 2021 is 62.4 per cent. By property type, the ratio is 52.9 per cent for detached homes, 79.9 per cent for townhomes, and 65.4 per cent for apartments.

Todays activity can be attributed, in part, to an economy thats showing signs of recovery, historically low interest rates, high demand for space, and increased household savings, Biggar said.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021.

Sales of detached homes in March 2021 reached 1,965, a 130.6 per cent increase from the 852 detached sales recorded in March 2020. The benchmark price for a detached home is $1,700,200. This represents a 17.9 per cent increase from March 2020 and a 4.9 per cent increase compared to February 2021.

Sales of apartment homes reached 2,697 in March 2021, a 128.8 per cent increase compared to the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This represents a 3.7 per cent increase from March 2020 and a 2.6 per cent increase compared to February 2021.

Attached home sales in March 2021 totalled 1,046, a 112.2 per cent increase compared to the 493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents a 10.4 per cent increase from March 2020 and a 3.9 per cent increase compared to February 2021.

Download the March 2021 stats package.

March 2, 2021

Home buyer competition intensifies across Metro Vancouver’s housing market

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.

Last month’s sales were 42.8 per cent above the 10-year February sales average.

“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”

There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.

For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.

“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.

Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase).

Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.

Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.

Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.

Download the February 2021 stats package

January 2021 Media Stats Package

February 02, 2021

Home buyer demand remains elevated across Metro Vancouver

In the first month of 2021, Metro Vancouver’s* housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020, and a 22.8 per cent decrease from the 3,093 homes sold in December 2020.

Last month’s sales were 36.4 per cent above the 10-year January sales average.

“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV Chair said. “This is causing increased competition amongst home buyers and upward pressure on prices.”

There were 4,480 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2021. This represents a 15.7 per cent increase compared to the 3,872 homes listed in January 2020 and an 86 per cent increase compared to December 2020 when 2,409 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,306, a 3.6 per cent decrease compared to January 2020 (8,617) and a 2.7 per cent decrease compared to December 2020 (8,538).

For all property types, the sales-to-active listings ratio for January 2021 is 28.8 per cent. By property type, the ratio is 26.3 per cent for detached homes, 37.6 per cent for townhomes, and 27.8 per cent for apartments.

“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,056,600. This represents a 5.5 per cent increase compared to January 2020 and a 0.9 per cent increase compared to December 2020.

Sales of detached homes in January 2021 reached 740, a 68.6 per cent increase from the 439 detached sales recorded in January 2020. The benchmark price of a detached homes is $1,576,800. This represents a 10.8 per cent increase from January 2020 and a 1.4 per cent increase compared to December 2020.

Sales of apartment homes reached 1,195 in January 2021, a 46.8 per cent increase compared to the 814 sales in January 2020. The benchmark price of an apartment home is $680,800. This represents a 2.2 per cent increase from January 2020 and a 0.6 per cent increase compared to December 2020.

Attached home sales in January 2021 totalled 454, a 42.8 per cent increase compared to the 318 sales in January 2020. The benchmark price of an attached home is $815,800. This represents a 4.3 per cent increase from January 2020 and a 0.2 per cent increase compared to December 2020.

December 2020 Media Stats Package

January 05, 2021

Metro Vancouver housing market shows resilience in 2020

Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.

Last year’s sales total was 2.8 per cent below the 10-year sales average.

“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify," Colette Gerber, REBGV Chair said. “The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs."

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 per cent increase compared to the 51,918 homes listed in 2019 and a 1.3 per cent increase compared to the 53,614 homes listed in 2018.

Last year’s listings total was 2.7 per cent below the region’s 10-year average.

“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons," Gerber said. "Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,047,400. This is a 5.4 per cent increase compared to December 2019.

The benchmark price for apartments increased 2.6 per cent in the region last year. Townhomes increased 4.9 per cent and detached homes increased 10.2 per cent.

December Summary

REBGV reports that residential home sales in the region totalled 3,093 in December 2020, a 53.4 per cent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 homes sold in November 2020.

Last month’s sales were 57.7 per cent above the 10-year December sales average and is the highest total for the month on record.

“Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,” Gerber says.

There were 2,409 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2020. This represents a 51.7 per cent increase compared to the 1,588 homes listed in December 2019 and a 40.8 per cent decrease compared to November 2020 when 4,068 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,538, a 0.8 per cent decrease compared to December 2019 (8,603) and a 23.2 per cent decrease compared to November 2020 (11,118).

For all property types, the sales-to-active listings ratio for December 2020 is 36.2 per cent. By property type, the ratio is 35.2 per cent for detached homes, 50.4 per cent for townhomes, and 33.1 per cent for apartments.

Sales of detached homes in December 2020 reached 1,026, a 71.3 per cent increase from the 599 detached sales recorded in December 2019. The benchmark price for detached homes is $1,554,600. This represents a 10.2 per cent increase from December 2019 and a one per cent increase compared to November 2020.

Sales of apartment homes reached 1,474 in December 2020, a 40 per cent increase compared to the 1,053 sales in December 2019. The benchmark price of an apartment property is $676,500. This represents a 2.6 per cent increase from December 2019 and is unchanged from November 2020.

Attached home sales in December 2020 totalled 593, a 62.9 per cent increase compared to the 364 sales in December 2019. The benchmark price of an attached home is $813,900. This represents a 4.9 per cent increase from December 2019 and a 0.1 per cent decrease compared to November 2020.

December 2, 2020

November home sales outpace seasonal norms and long-term averages

Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020, a 22.7 per cent increase from the 2,498 sales recorded in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020.

Last month’s sales were 24.6 per cent above the 10-year November sales average and was the second highest total in this period.

“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said. “This is putting upward pressure on home prices, particularly in our detached and townhome markets."

There were 4,068 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2 per cent increase compared to the 2,987 homes listed in November 2019 and a 27 per cent decrease compared to October 2020 when 5,571 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118, a 3.2 per cent increase compared to November 2019 (10,770) and a 10.5 per cent decrease compared to October 2020 (12,416).

"The supply of homes for sale are a critical factor in understanding home price trends," Gerber said. "The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today's market."

For all property types, the sales-to-active listings ratio for November 2020 is 27.6 per cent. By property type, the ratio is 27.9 per cent for detached homes, 40.1 per cent for townhomes, and 23.9 per cent for apartments.

Within the region, the Sunshine Coast saw the largest increase in year-over-year demand with 106 home sales in November 2020, an 82.8 per cent increase over November 2019 (58).

“While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish,” Gerber said. “The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,044,000. This represents a 5.8 per cent increase over November 2019 and a 0.1 per cent decrease compared to October 2020.

Sales of detached homes in November 2020 reached 1,061, a 28.6 per cent increase from the 825 detached sales recorded in November 2019. The benchmark price for a detached home is $1,538,900. This represents a 9.4 per cent increase from November 2019 and a one per cent increase compared to October 2020.

Sales of apartment homes reached 1,371 in November 2020, a 12.2 per cent increase compared to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500. This represents a 3.4 per cent increase from November 2019 and a one per cent decrease compared to October 2020.

Attached home sales in November 2020 totalled 632, a 40.1 per cent increase compared to the 451 sales in November 2019. The benchmark price of an attached home is $814,800. This represents a 5.6 per cent increase from November 2019 and a 0.2 per cent increase compared to October 2020.

Download the November 2020 stats package

October 2020 Media Stats Package

November 03, 2020

Home sale and listing resurgence extends into the fall

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

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7 per cent 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 per cent increase compared to the 4,074 homes listed in October 2019 and a 13 per cent 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 per cent increase compared to October 2019 (12,236) and a 5.2 per cent 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 per cent. By property type, the ratio is 30.9 per cent for detached homes, 43.5 per cent for townhomes, and 24.9 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This represents a six per cent increase over October 2019 and a 0.4 per cent increase compared to September 2020.

Sales of detached homes in October 2020 reached 1,335, a 42.3 per cent 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 per cent increase from October 2019 and a 1.1 per cent increase compared to September 2020.

Sales of apartment homes reached 1,570 in October 2020, a 13.4 per cent 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 per cent increase from October 2019 and is unchanged compared to September 2020.

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

October 02, 2020

Home sale and new listing activity reached record levels in Metro Vancouver in September.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.

Last month’s sales were 44.8 per cent above the 10-year September sales average and is the highest total on record for the month.

“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."

There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).

"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."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 per cent for apartments.

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 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.

September 2, 2020

Home sale and listing activity continues to increase in August

Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August 2020, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 homes sold in July 2020.

Last month’s sales were 19.9 per cent above the 10-year August sales average.

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer,” Colette Gerber, REBGV Chair said. “Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.”

There were 5,813 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2020. This represents a 55.1 per cent increase compared to the 3,747 homes listed in August 2019 and a 2.3 per cent decrease compared to July 2020 when 5,948 homes were listed.

This was 34.8 per cent above the 10-year August new listings average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,803, a 4.4 per cent decrease compared to August 2019 (13,396) and a six per cent increase compared to July 2020 (12,083).

For all property types, the sales-to-active listings ratio for August 2020 is 23.8 per cent. By property type, the ratio is 23.7 per cent for detached homes, 30.5 per cent for townhomes, and 21.6 per cent for apartments.

“Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Gerber said. “Your local REALTOR® can help you navigate today’s market and ensure that the latest public health requirements are followed at every step of the process. Above all, safety has to remain our top priority during this pandemic.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3 per cent increase over August 2019 and a 0.7 per cent increase compared to July 2020.

Sales of detached homes in August 2020 reached 1,095, a 55.1 per cent increase from the 706 detached sales recorded in August 2019. The benchmark price of a detached home is $1,491,300. This represents a 6.6 per cent increase from August 2019 and a one per cent increase compared to July 2020.

Sales of apartment homes reached 1,332 in August 2020, a 19.4 per cent increase compared to the 1,116 sales in August 2019. The benchmark price of an apartment property is $685,800. This represents a 4.5 per cent increase from August 2019 and a 0.5 per cent increase compared to July 2020.

Attached home sales in August 2020 totalled 620, a 51.6 per cent increase compared to the 409 sales in August 2019. The benchmark price of an attached home is $806,400. This represents a 4.4 per cent increase from August 2019 and a 1.1 per cent increase compared to July 2020.

Download the August 2020 stats package

July 2020 Media Stats Package

August 05, 2020

Metro Vancouver housing market sees steady summer activity

Home buyer and seller activity in Metro Vancouver exceeded historical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020.

Last month’s sales were 9.4 per cent above the 10-year July sales average.

“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.”

There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2020. This represents a 28.9 per cent increase compared to the 4,613 homes listed in July 2019 and a 2.8 per cent increase compared to June 2020 when 5,787 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,083, a 15.1 per cent decrease compared to July 2019 (14,240) and a 5.8 per cent increase compared to June 2020 (11,424).

“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.”

For all property types, the sales-to-active listings ratio for July 2020 is 25.9 per cent. By property type, the ratio is 25.1 per cent for detached homes, 31.1 per cent for townhomes, and 24.7 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

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 per cent increase over July 2019 and a 0.6 per cent increase compared to June 2020.

Sales of detached homes in July 2020 reached 1,121, a 33.3 per cent increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a five per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020.

Sales of apartment homes reached 1,400 in July 2020, a 12.6 per cent increase compared to the 1,243 sales in July 2019. The benchmark price of an apartment property is $682,500. This represents a 4.2 per cent increase from July 2019 and a 0.3 per cent increase compared to June 2020.

Attached home sales in July 2020 totalled 607, a 28.3 per cent increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7 per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020.

June 2020 Media Stats Package

July 03, 2020

Steady increases in home sale and listing activity continue

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.

Last month’s sales were 21.9 per cent below the 10-year June sales average.

“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.”

For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 per cent for apartments.

“Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020.

Sales and benchmark prices by property type

Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020.

Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020.

Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020.

* Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

June 2020 Media Stats Package

July 03, 2020

Steady increases in home sale and listing activity continue

Last month’s sales were 21.9 per cent below the 10-year June sales average.

Sales and benchmark prices by property type

June 2, 2020

Home prices remain steady, buyers and sellers become more comfortable operating in today’s market

Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent 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."

Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.

Last month’s sales were 54.4 per cent below the 10-year May sales average.

"Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020," Gerber said. "Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market."

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 per cent decrease compared to the 5,861 homes listed in May 2019 and a 59.3 per cent increase compared to April 2020 when 2,313 homes were listed.

"Home buyers 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 per cent decrease compared to May 2019 (14,685) and a 5.7 per cent increase compared to April 2020 (9,389).

For all housing types, the sales-to-active listings ratio for May 2020 is 15 per cent. By housing type, the ratio is 13.5 per cent for detached homes, 18.9 per cent for townhomes, and 14.8 per cent for apartments.

Sales and benchmark prices by property type

Sales of detached homes in May 2020 reached 534, a 41.5 per cent decrease from the 913 detached sales recorded in May 2019. The benchmark price for detached properties is $1,456,700. This is a 0.3 per cent increase from April 2020, a 2.2 per cent increase over the past three months, and a 2.9 per cent increase compared to May 2019.

Sales of apartment homes reached 653 in May 2020, a 47.6 per cent decrease compared to the 1,246 sales in May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3 per cent decrease from April 2020, a 0.9 per cent increase over the past three months, and a three per cent increase compared to May 2019.

Attached home sales in May 2020 totalled 298, a 37.8 per cent decrease compared to the 479 sales in May 2019. The benchmark price of an attached home is $792,700. This is a 0.2 per cent increase from April 2020, a 1.2 per cent increase over the past three months, and a 1.8 per cent increase compared to May 2019.

Download the May 2020 stats package

April 2020 Media Stats Package

May 04, 2020

Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt

While Metro Vancouver* home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020.

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”

Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic.

“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.

There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606).

For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices oftenexperience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020.

“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said. 

Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020.

Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020.

Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020.

Download the April 2020 stats package

April 2, 2020

Home buyers and sellers adjust their activities in March amid challenging circumstances

Metro Vancouver’s* housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 per cent increase from the 1,727 sales recorded in March 2019, and a 17.4 per cent increase from the 2,150 homes sold in February 2020.

Last month’s sales were 19.9 per cent below the 10-year March sales average.

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” Ashley Smith, REBGV president said, “Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.”

Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.

“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market,” Smith said.

“In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.”

There were 4,436 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2020. This represents a 10.4 per cent decrease compared to the 4,949 homes listed in March 2019 and a 10.8 per cent increase compared to February 2020 when 4,002 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,606, a 24.8 per cent decrease compared to March 2019 (12,774) and a 4.5 per cent increase compared to February 2020 (9,195).

“Realtors were named among the province’s list of essential services last week,” Smith said. “This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.”

For all property types, the sales-to-active listings ratio for March 2020 is 26.3 per cent. By property type, the ratio is 21.1 per cent for detached homes, 33 per cent for townhomes, and 28.9 per cent for apartments.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700. This represents a 2.1 per cent increase over March 2019, and a 1.3 per cent increase compared to February 2020.

Sales of detached homes in March 2020 reached 852, a 61.1 per cent increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7 per cent increase from March 2019, and a 1.2 per cent increase compared to February 2020.

Sales of apartment homes reached 1,179 in March 2020, a 35.1 per cent increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9 per cent increase from March 2019, and a 1.4 per cent increase compared to February 2020.

Attached home sales in March 2020 totalled 493, a 51.7 per cent increase compared to the 325 sales in March 2019. The benchmark price of an attached unit is $791,800. This represents a 2.5 per cent increase from March 2019, and a 0.9 per cent increase compared to February 2020.