VANCOUVER REAL ESTATE MARKET UPDATE FOR APRIL 2020

While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, Realtors across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.



The Real Estate Board of Greater Vancouver saw residential homes sales total 1,109 for April 2020 which is a 39.4% decrease from this time last year (1,829) and a 56.1% decrease from March 2020 (2,524). Last month's sales were 62.7% below the 10-year April sales average.



Newly listed properties in April for Metro Vancouver reached 2,313 for all property types. This equates to a 47.9% decrease from March 2020 (4,436) and a 59.7% decrease compared to April 2019 (5,742).


Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month putting us now in a Buyer's Market.



Broken down by property type, the sales-to-active ratio for March was 21.1% for detached homes, 33% for townhouses, and 28.9% for condos. This means that townhouses are still in a Seller's Market, condos are in a Seller's Market as well and the detached sector is now in a Buyer's Market.



The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,036,000. This represents a 2.5% increase from April 2019.


The total sales for April 2020 were 1,109. This works out to 388 detached homes with a benchmark price of $1,462,100, 218 townhouses with a benchmark price of $796,800 and 503 apartments with a benchmark price of $685,500.



Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.