VANCOUVER REAL ESTATE MARKET UPDATE FOR AUGUST 2020

Home sale and listing activity continues to increase in August.

The Real Estate Board of Greater Vancouver saw residential homes sales total 3,047 for August 2020 which is a 36.6% increase from this time last year (2,231) and a 2.6% decrease from July 2020 (3,128). Last month's sales were 19.9% above the 10-year August sales average.

Newly listed properties in July for Metro Vancouver reached 5,813 for all property types. This equates to a 2.3% increase from July 2020 (5,813) and a 55.1% increase compared to August 2019 (3,747).

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 an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.

Broken down by property type, the sales-to-active ratio for August is 23.7% for detached homes, 30.5% for townhouses, and 21.6% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.

The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.

The total sales for August 2020 were 3,047. This works out to 1,095 detached homes with a benchmark price of $1,494,300, 620 townhouses with a benchmark price of $806,400 and 1,332 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!