August was another strong month for home sales in Metro Vancouver, following the lull experienced in the spring from the onset of COVID-19.
According to newly released statistics from the Real Estate Board of Greater Vancouver (REBGV), there were 3,047 homes sold over the span of the month — a 36.6% increase from the 2,231 sales in August 2019, but a 2.6% decrease from July 2020.
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The month’s sales were 19.9% above the 10-year sales average for August. In comparison, July 2020’s sales were 9.4% above the decade-long sales average for the month.
Throughout August, there were 5,813 homes newly listed for sale, which is a 55.1% increase compared to the 3,747 homes listed in August 2019, a 2.3% decrease compared to the 5,948 homes listed in July 2020, and 34.8% above the 10-year new listings average for the month of August.
Colette Gerber, chair of the REBGV, says the housing market is currently seeing the effects of pent-up demand, after showings and sales activities were put on hold in the spring. Historically low mortgage interest rates to keep the nation’s housing market afloat during the economic crisis have also been another major driving factor.
But there is uncertainty moving forward into the fall months, if a second wave of COVID-19 cases hits, leads to the renewal of strict health safety restrictions, and worsens economic conditions.
Currently, there are 12,803 homes listed for sale in the region — a 4.4% decrease compared to the 13,396 units in August 2019, and a 6% increase compared to the 12,083 units in July 2020.
The sales-to-active listings ratio for all properties in August was 23.8%, including 23.7% for detached homes, 21.6% for apartments, and 30.5% for townhomes. Downward pressure on home prices typically occurs when the ratio dips below 12% for a sustained period, while prices see an upward trend when it surpasses 20% over several months.
The benchmark price for all residential properties in the region is currently $1.038 million, representing a 5.3% increase over August 2019, and a 0.7% increase from July 2020.
August 2020 home sales statistics
- Detached homes
- Number of units sold: 1,095 (+55.1% year-over-year)
- Active listings: 4,614
- Benchmark price: $1,491,300 (+6.6% over August 2019; +1.0% over July 2020)
- Average days on market: 38
- Apartment homes
- Number of units sold: 1,332 (+19.4% year-over-year)
- Active listings: 1,116
- Benchmark price: $685,800 (+4.5% over August 2019; +0.5% over July 2020)
- Average days on market: 32
- Townhouse sales
- Number of units sold: 620 (+51.6% year-over-year)
- Active listings: 2,036
- Benchmark price: $806,400 (+4.4% over August 2019; +1.1% over July 2020)
- Average days on market: 34