Home Sale & Listing Resurgence Extends Into the Fall

Wednesday, November 04, 2020

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% increase from October 2019, and a 1.2% increase from 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. 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." Colette Gerber, REBGV Chair.

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 October 2019 and a 13% decrease compared to September 2020.

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 and a 5.2% decrease compared to September 2020.

“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.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This represents a 6% increase over October 2019 and a 0.4% increase compared to September 2020.

DETACHED

Sales of detached homes in October 2020 reached 1,335, a 42.3% increase from 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 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

Attached home sales in October 2020 totalled 782, a 45.9% increase compared to 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.

- For more information from the Real Estate Board of Greater Vancouver, click here.

Sincerely,

Janet