Metro Vancouver home sales soared by 56% in September: statistics

Oct 2 2020, 5:26 pm

Home sales and new listings reached new record levels in September, according to newly released statistics by the Real Estate Board of Greater Vancouver (REBGV).

There were 3,643 homes sold in Metro Vancouver over the month — a 56.2% increase over the 2,333 sales in September 2019, and a 19.6% increase from the 3,047 homes sold in August 2020.

The month’s sales were 44.8% above the 10-year sales average for September, and is the highest total on record for the month.

“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months. This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic,” said Colette Gerber, chair of REBGV, in a statement.

“While the pace of new MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down. This is creating upward pressure on home prices, which have been edging up since the spring.”

Over the month, there were 6,402 units of all types newly listed, representing a 31.6% increase compared to the 4,866 homes in September 2019, and a 10.1% increase compared to the 5,813 homes in August 2020.

Currently, there are 13,096 units for sale — a 2.6% drop compared to the 13,439 units in September 2019, and a 2.3% increase compared to the 12,803 units in August 2020.

Across all residential property types, the sales-to-active listings ratio for September 2020 was 27.8%, including 28.3% for detached homes, 36.1% for townhomes, and 24.8% 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 hovering at $1.041 million, representing a 5.8% increase over September 2019 and a 0.3% increase from August 2020.

September 2020 home sales statistics

  • Detached homes
    • Number of units sold: 1,317 (+76.8% year-over-year)
    • Active listings: 4,647
    • Benchmark price: $1,507,500 (+7.8% over September 2019; +1.1% over August 2020)
    • Average days on market: 40
  • Apartment homes
    • Number of units sold: 1,596 (+36.9% year-over-year)
    • Active listings: 6,428
    • Benchmark price: $683,500 (+4.5% over September 2019; +0.3% over August 2020)
    • Average days on market: 32
  • Townhouse sales
    • Number of units sold: 730 (+73% year-over-year)
    • Active listings: 2,021
    • Benchmark price: $809,900 (+5.2% over September 2019; +0.4% over August 2020)
    • Average days on market: 33

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.

Kenneth ChanKenneth Chan

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