Metro Vancouver home sales in July exceeded historical levels

Aug 5 2020, 10:18 am

Despite the economic crisis, home sales in Metro Vancouver in July 2020 were 22% above the previous month and 9.4% above the 10-year sales average for July.

According to the Real Estate Board of Greater Vancouver (REBGV), home sales in the region totalled 3,128 units in July 2020 — up from 2,443 units in June 2020 and 2,557 units in July 2019.

“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” said Colette Gerber, chair of REBGV.

“Low interest rates and limited overall supply are also increasing competition across our market.”

A total of 5,948 homes were newly listed for sale over the month, representing a 28.9% increase compared to the 4,613 homes listed in July 2019, and a 2.8% increase compared to the 5,787 homes listed in June 2020.

Currently, there are 12,083 homes listed for sale — a 15% decrease compared to the 14,240 units in July 2019, and a 5.8% increase compared to the 11,424 units in June 2020.

The sales-to-active listings ratio for July 2020 was 25.9%, with 25.1% for detached homes, 31.1% for townhomes, and 24.7% for apartments. 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 homes in the region is currently $1.031 million — up by 4.5% over July 2019, and a 0.6% increase from June 2020.

July 2020 home sales statistics

  • Detached homes
    • Number of units sold: 1,121 (+33.3% year-over-year)
    • Active listings: 4,460
    • Benchmark price: $1,477,800 (+5% over July 2019; +0.9% over June 2020)
    • Average days on market: 41
  • Apartment homes
    • Number of units sold: 1,400 (+12.6% year-over-year)
    • Active listings: 5,669
    • Benchmark price: $682,500 (+4.2% over July 2019; +0.3% over June 2020)
    • Average days on market: 31
  • Townhouse sales
    • Number of units sold: 607 (+28.3% year-over-year)
    • Active listings: 1,954
    • Benchmark price: $797,700 (+3.7% over July 2019; +0.9% over June 2020)
    • Average days on market: 33

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