Metro Vancouver home sales see second best October on record: statistics

Nov 3 2020, 5:13 pm

Home sales in Metro Vancouver are hovering at near record levels, based on the October 2020 statistics released today by the Real Estate Board of Greater Vancouver (REBGV).

The total number of residential units sold reached 3,687 over the month, representing a 29% increase from the 2,858 sales over the same period in 2019, and a 1.2% increase from the 3,643 homes sold in September 2020.

Overall sales throughout the month were 34.7% above the 10-year sales average for October, making it the second highest total on record for the month.

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” said Colette Gerber, the chair of REBGV.

“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers.”

Over the month, there were 5,571 homes across all types newly listed for sale — a 36.7% increase from the 4,074 homes listed in October 2019, and a 13% decrease compared to September 2020 when 6,402 homes were listed.

Currently, there are 12,416 homes listed for sale in the region, representing a 1.5% increase compared to the 12,236 units in October 2019, and a 5.2% decrease compared to the 13,096 units in September 2020.

The sales-to-active listings ratio for October 2020 was 29.7%, with 30.9% for detached homes, 43.5% for townhomes, and 24.9% 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 composite benchmark price for all home types is currently $1.045 million — a 6% increase from October 2019, and a 0.4% uptick compared to September 2020.

October 2020 home sales statistics

  • Detached homes
    • Number of units sold: 1,335 (+42.3% year-over-year)
    • Active listings: 4,324
    • Benchmark price: $1,523,800 (+8.5% over October 2019; +1.1% over September 2020)
    • Average days on market: 38
  • Apartment homes
    • Number of units sold: 1,570 (+13.4% year-over-year)
    • Active listings: 6,295
    • Benchmark price: $683,500 (+4.4% over October 2019; 0.0% over September 2020)
    • Average days on market: 32
  • Townhouse sales
    • Number of units sold: 782 (+45.9% year-over-year)
    • Active listings: 1,797
    • Benchmark price: $813,000 (+5.4% over October 2019; +0.4% over September 2020)
    • Average days on market: 29

REBGV’s jurisdiction covers only parts of Metro Vancouver and the South Coast, entailing Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

This does not include Metro Vancouver jurisdictions such as Surrey, North Delta, White Rock, and Langley, which are under the Fraser Valley Real Estate Board.

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