This past August followed a record setting July for sales numbers, with the total number of homes sold registering at almost 20% above the 10-year average.
The jump in activity seen over the last couple months was bolstered by much higher levels of new inventory than is typically seen over summers months, coupled with some of the lowest interest rates we've seen. COVID-19 played a large part in this by essentially delaying the spring market and keeping the key rate depressed.
Real Estate Board of Greater Vancouver Chair, Colette Gerber summarised:
“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer. Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.”
The sales-to-active listing ratio is currently representing a sellers market. For all home types, the ratio was 24%. By specific property type, the ration was 24% for detached homes, 31% for townhomes and 22% for condos.
Analysts say that prices are typically trend downwards when the ratio dips below 12% for a sustained period, which prices start to climb when the ration also climbs above 20% for several months or longer.
As of last month, the MLS® Home Price Index composite benchmark pricing for all home types was 5% higher than this time last year.
You can find the full REBGV press release and sales statistics here along with the latest neighbourhood reports for West Vancouver, North Vancouver, Vancouver West, Vancouver East and Metro Vancouver.
Please don't hesitate to get in touchif you have any further questions.