While sales slowed considerably during the spring through the initial wave of COVID-19, dropping far below the 10 year average, the market is again on the upswing in terms of prices, sales numbers and sales ratios.
For July 2020, the Real Estate Board of Greater Vancouver reported there were 3,128 residential home sales across Metro Vancouver, which is a 22.3% increase from July 2019, and a 28% increase from June 2020. The sales totals for July are also 9.4% above the 10-year July sales average.
In terms of how many homes are selling compared to the number of homes on the market, the sales-to-active listings ratio for all property types for July 2020 is 25.9%. More specifically, the ratio is 25.1% for detached homes, 31.1% for townhomes and 24.7% for apartments.
According to most analysts, downward pressure on home prices occurs when the ratio dips below 12% for a prolonged period, while home prices often experience upward pressure when it surpasses 20% over several months.
In terms of how the number of sales has impacted pricing, the MLS® Home Price Index benchmark price for all residential properties in Metro Vancouver is currently $1,031,400, which is 4.5% higher than July 2019 and 0.6% than last month.
By property type, the REBGV stated that:
- DETACHED home sales reached 1,121 in July 2020, a 33.3% increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a 5% increase from July 2019 and a 0.9 per cent increase compared to June 2020.
- APARTMENT sales reached 1,400 in July 2020, a 12.6% 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% 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% increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7% increase from July 2019 and a 0.9% increase compared to June 2020.
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Get in touch if you are looking for statistics on a specific area or neighbourhood. You can see the full press release here.