This was 34.8% 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% decrease compared to August 2019 and a 6% increase compared to July 2020.
For all property types, the sales-to-active listings ratio for August 2020 is 23.8%. By property type, the ratio is 23.7% for detached homes, 30.5% for townhomes, and 21.6% 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.
“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% increase over August 2019 and a 0.7% increase compared to July 2020.