FOR IMMEDIATE RELEASE:

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

VANCOUVER, BC – June 2, 2020 – 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 Index 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.

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.

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.
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*Editor’s Note: 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.

MLS® Home Price Index 2020 update
1.) The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model
in May. In line with best statistical practices, the MLS® HPI is reviewed annually.

HPI coverage was extended to neighbourhoods where sales volumes picked up enough to support benchmark price tracking and was discontinued for neighbourhoods where sales became too sparse to support benchmark price calculations. REBGV also modified sub-areas in Ladner and Tsawwassen to better reflect changes in these
communities over time, changing the composition of neighbourhoods in these areas.

To ensure HPI coverage is consistent and comparable, historical aggregate and composite data has been recalculated based on revised and consistent coverage.
The real estate industry is a key economic driver in British Columbia. In 2019, 25,351 homes changed ownership in
the Board’s area, generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25.3 billion in 2019.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. 

Schools - Kindergarten to Grade 8

St Alcuin College for the Liberal Arts
200-1046 St. Georges Ave
North Vancouver

Seymour Heights StrongStart Centre
2640 Carnation St
North Vancouver

Montroyal StrongStart Centre
5310 Sonora Dr
North Vancouver

Boundary StrongStart
750 26th St E
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

Eagle Harbour StrongStart Centre
5575 Marine Dr
West Vancouver

St Edmund's
535 Mahon Ave
North Vancouver

Holy Trinity School
128 27th St W
North Vancouver

Caulfeild Elementary
4685 Keith Rd
West Vancouver

Ecole Cedardale
595 Burley Dr
West Vancouver

Eagle Harbour Montessori
5575 Marine Dr
West Vancouver

Gleneagles Elementary
6350 Marine Dr
West Vancouver

Chartwell Elementary
1300 Chartwell Dr
West Vancouver

Cypress Park Primary
4355 Marine Dr
West Vancouver

Irwin Park Elementary
2455 Haywood Ave
West Vancouver

Ecole Pauline Johnson Elementary
1150 22nd St
West Vancouver

Hollyburn Elementary
1329 Duchess Ave
West Vancouver

Cleveland Elementary
1255 Eldon Rd
North Vancouver

Ross Road Elementary
2875 Bushnell Pl
North Vancouver

Carisbrooke Elementary
510 Carisbrooke Rd E
North Vancouver

Braemar Elementary
3600 Mahon Ave
North Vancouver

Westcot Elementary
760 Westcot Rd
West Vancouver

Upper Lynn Elementary
1540 Coleman St
North Vancouver

Queensbury Elementary
2020 Moody Ave
North Vancouver

Eastview Elementary
1801 Mountain Hwy
North Vancouver

Highlands Elementary
3150 Colwood Dr
North Vancouver

Canyon Heights Elementary
4501 Highland Blvd
North Vancouver

West Bay Elementary
3175 Thompson Pl
West Vancouver

Norgate Community Elementary
1295 Sowden St
North Vancouver

Ridgeview Elementary
1250 Mathers Ave
West Vancouver

Seymour Heights Elementary
2640 Carnation St
North Vancouver

Queen Mary Community Elementary
230 Keith Rd W
North Vancouver

Lynn Valley Elementary
3207 Institute Road
North Vancouver

Ridgeway Elementary
420 8th St E
North Vancouver

Westview Elementary
641 17th St W
North Vancouver

Capilano Elementary
1230 20th St W
North Vancouver

Hollyburn StrongStart Centre
1329 Duchess Ave
West Vancouver

Cove Cliff Elementary
1818 Banbury Rd
North Vancouver

Dorothy Lynas Elementary
4000 Inlet Cres
North Vancouver

Lynnmour Elementary School
800 Forsman Ave
North Vancouver

Blueridge Elementary
2650 Bronte Dr
North Vancouver

Boundary Elementary
750 26th St E
North Vancouver

Brooksbank Elementary
980 13th St E
North Vancouver

Larson Elementary
2605 Larson Rd
North Vancouver

Sherwood Park Elementary
4085 Dollar Rd
North Vancouver

Montroyal Elementary
5310 Sonora Dr
North Vancouver

North Star Montessori Elementary School
1325 Keith Rd E
North Vancouver

St Pius X Elementary School
1150 Mount Seymour Rd
North Vancouver

Kenneth Gordon
420 Seymour River Pl
North Vancouver

St Anthony's
595 Keith Rd
West Vancouver

Cousteau L'Ecole Francaise Interna'le
3657 Fromme Rd
North Vancouver

Westview StrongStart Centre
1660 Bewicke Ave
North Vancouver

Vancouver Waldorf School
2725 St. Christopher's Rd
North Vancouver

Lions Gate Christian Academy
919 Tollcross Rd
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Lynnmour StrongStart Centre
800 Forsman Ave
North Vancouver

Eastview StrongStart Centre
1801 Mountain Hwy
North Vancouver

Norgate StrongStart Centre
1295 Sowden St
North Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver

Andre-Piolat
380 Kings Rd W
North Vancouver

Schools - Grade 9 to Grade 12

West Vancouver Inglewood Secondary
1750 Mathers Ave
West Vancouver

St Alcuin College for the Liberal Arts
200-1046 St. Georges Ave
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

Bodwell High School
955 Harbourside Dr
North Vancouver

Sentinel Secondary
1250 Chartwell Dr
West Vancouver

West Vancouver Secondary
1750 Mathers Ave
West Vancouver

St Thomas Aquinas
541 Keith Rd W
North Vancouver

Windsor Secondary
931 Broadview Dr
North Vancouver

Argyle Secondary
1131 Frederick Rd
North Vancouver

Handsworth Secondary
1044 Edgewood Rd
North Vancouver

Rockridge Secondary
5350 Headland Dr
West Vancouver

Sutherland Secondary
1860 Sutherland Ave
North Vancouver

North Vancouver Distributed Learning
3365 Mahon Ave
North Vancouver

Seycove Secondary Community
1204 Caledonia Ave
North Vancouver

Mountainside Secondary
3365 Mahon Ave
North Vancouver

Carson Graham Secondary
2145 Jones Ave
North Vancouver

Kenneth Gordon
420 Seymour River Pl
North Vancouver

Vancouver Waldorf School
2725 St. Christopher's Rd
North Vancouver

Lions Gate Christian Academy
919 Tollcross Rd
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver