Metro Vancouver home sales saw big surge in June during BC's restart

Jul 3 2020, 11:37 am

Residential real estate activity in Metro Vancouver has picked up significantly, aligning with BC’s restart of the economy.

New statistics for June released today by the Real Estate Board of Greater Vancouver (REBGV) show there were 2,443 home sales during the month — a 64.5% increase from the 1,485 homes sold in May, and a 17.6% increase from the 2,077 sales in June 2019.

But the volumes were still down 22% from the 10-year sales average for June.

“Realtors continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” said Colette Gerber, chair of REBGV, in a statement. “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, realtors are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floor plans, and an increased number of high-resolution images, as well as often driving through the neighbourhood.”

Over the past month, there were 5,787 homes newly listed for sale, representing a 57.1% increase over the 3,684 homes listed in May 2020 and a 57.1% increase from the 4,751 homes listed in June 2019.

Currently, there are 11,424 homes listed for sale — a 15.1% increase compared to the 9,927 homes in May 2020, and a 23.7% increase compared to the 14,968 homes in June 2019.

The sales-to-active-listings ratio for the month was hovering at 21.4%, with the ratio at 19.9% for detached homes, 25.2% for townhomes, and 21.3% 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 residential properties is currently hovering at $1.025 million — a 0.3% decrease compared to May 2020, but a 3.5% increase over the same month last year.

June 2020 home sales statistics

  • Detached homes
    • Number of units sold: 866 (-16.1% year-over-year)
    • Active listings: 4,360
    • Benchmark price: $1,464,200 (+0.5% over May 2020; +3.6% over June 2019)
    • Average days on market: 45
  • Apartment homes
    • Number of units sold: 1,105 (+17.4% year-over-year)
    • Active listings: 5,192
    • Benchmark price: $680,800 (-0.8% over May 2020; +3.6% over June 2019)
    • Average days on market: 32
  • Townhouse sales
    • Number of units sold: 472 (+21% year-over-year)
    • Active listings: 1,872
    • Benchmark price: $790,800 (-0.2% over May 2020; +2.3% over June 2019)
    • Average days on market: 37

Kenneth ChanKenneth Chan

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