RECORD SETTING SEPTEMBER FOR VANCOUVER REAL ESTATE
Updated: Nov 12, 2020
Vancouver Real Estate Report - September 2020
Following the trends seen over the last couple months, the Real Estate Board of Greater Vancouver is again reporting record records sales numbers.
For September, 2020, REBGV indicated that residential home sales in the region totalled 3,643, which was a a 56.2% increase from the 2,333 sales recorded in September 2019, and a 19.6% increase from the 3,047 homes sold in August 2020. Also of note, last month’s sales were 44.8% higher than the 10-year September sales average and is the highest total on record EVER for the month.
“We've seen robust home sale and listing activity across Metro Vancouver throughout the
summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."
There were 6,402 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a 31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent increase compared to August 2020 when 5,813 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).
"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure on home prices, which have been edging up since the spring."
For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent. By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and 24.8 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.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.