METRO VANCOUVER MARKET REPORT
This late season peak hasn’t dipped yet. Home sales and new listings numbers have set new September records.
In Sept, there were 3,656 home sales which is a 56.2% ▲ from last year but down slightly a 19.6% ▲from last month August. Sales peaked at seasonal record highs 44.8%▲ above the 10 year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,059 a 2.6% ▼ compared to Sept last year and a 2.3% ▲ compared to last month.
There were a total of 6,410 newly listed properties for sale across Metro Vancouver in Sept 2020. This represents a 31.6% ▲ compared to last year but a 10.1% ▲ compared to last month. This was 22.3%▲ above the 10-year Sept average.
“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.” — Collette Gerber, REBGV chair
Generally for September the benchmark prices of homes have increased slightly.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently
$1,041,300. This represents a 5.8%▲ per cent increase over last year and a 0.3%▲ per cent increase compared to last month.
The benchmark price for a detached home is $1,507,500, a 7.8% ▲ from last year and a 1.1% ▲ compared to last month.
The benchmark price of an apartment is $683,500, a 4.5% ▲ from last year and a 0.3% ▼ compared to last month.
The benchmark price of an attached home is $809,900, a 5.2% ▲ from last year and a 0.4% ▲ compared to last month.
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.
For all property types, the sales-to-active listings ratio for September 2020 is 27.8%.
By property type, the ratio is:
28.3% for detached homes,
36.1% for townhomes,
24.8% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
Author: Meryl Hamdillah, REALTOR with Sutton WestCoast Group.
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Metro Vancouver Market Report Summary for September 2020
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.
— Collette Gerber