METRO VANCOUVER MARKET REPORT
MARCH 2020

March started with steady home demand that slowed as lockdown measures for COVID-19 intensified.

The first 2 weeks of March were the busiest this year for Metro Vancouver but this rapidly changed in the face of COVID-19 concerns and lockdown measures intensified late March.
Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 per cent increase from the 1,727 sales recorded in March 2019, and a 17.4 per cent increase from the 2,150 homes sold in February 2020.
Last month’s sales were 19.9 per cent below the 10-year March sales average.

“Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market” — Ashley Smith REBGV President

The following sales data and inventory data illustrate some of the trends

SALES: Last month sales were 19.9 per cent below the 10-year March sales average. Home sales in the region totaled 2455 in February 2020, a 45.9 per cent increase from the 1683 sales recorded last year. The Home Price Index shows that benchmark prices for Metro Vancouver remained relatively steady compared to the same time last year. Benchmark price for detached homes is at $1,405,700 which is 0.7% increase from last year. Benchmark prices for townhomes/condos ($781,800/ $687,000) rose 2.5% and 2.9% from last year.

INVENTORY:
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver was 9,414 which is a -27.4 per cent decrease compared to March 2019 (12,968).

Sales to Active listing ratios

The sales-to-active-listings ratio is defined as the number of home sales divided-by the number of listed homes during the month. In March 2020 , the ratio was 21.1% for detached homes, 33.3% for townhomes, and 28.9 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Metro Vancouver Market Report Infographic March 2020


Detached Homes – Vancouver (East & West)

Vancouver West / Vancouver East were hotspots for detached homes in Mar 2020.

VANCOUVER
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Townhouses & Condos – Richmond

Richmond remained top in # sales for townhomes this month and was second highest for condos.

RICHMOND
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Condos – Richmond & Vancouver West

Condo sales in Vancouver West (Benchmark price $810,800) and Richmond (Benchmark price $6555,200) for March were 309 and 166 respectively.

VANCOUVER WEST
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