Real Estate Website

July 2020

News Release

FOR IMMEDIATE RELEASE:

Steady increases in home sale and listing activity continue in June

VANCOUVER, BC – July 3, 2020 – 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.

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.

“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 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.

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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.

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®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

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St Alcuin College for the Liberal Arts
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North Vancouver

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West Vancouver

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535 Mahon Ave
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128 27th St W
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4685 Keith Rd
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1295 Sowden St
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1250 Mathers Ave
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2640 Carnation St
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Queen Mary Community Elementary
230 Keith Rd W
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3207 Institute Road
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420 8th St E
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641 17th St W
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1230 20th St W
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Hollyburn StrongStart Centre
1329 Duchess Ave
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1818 Banbury Rd
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4000 Inlet Cres
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800 Forsman Ave
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2650 Bronte Dr
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750 26th St E
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980 13th St E
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2605 Larson Rd
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4085 Dollar Rd
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5310 Sonora Dr
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1325 Keith Rd E
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1150 Mount Seymour Rd
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420 Seymour River Pl
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595 Keith Rd
West Vancouver

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3657 Fromme Rd
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1660 Bewicke Ave
North Vancouver

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2725 St. Christopher's Rd
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919 Tollcross Rd
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70 Morven Dr
West Vancouver

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800 Forsman Ave
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1801 Mountain Hwy
North Vancouver

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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

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2330 Cypress Bowl Lane
West Vancouver

Bodwell High School
955 Harbourside Dr
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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
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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