Real Estate Market Update in B.C. - June 2020
Steady increases in home sale and listing activity continue in June
Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6% increase from the 2,077 sales recorded in June 2019, and a 64.5% increase from the 1,485 homes sold in May 2020.
Last month’s sales were 21.9 per cent below the 10-year June sales average.
There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8% increase compared to the 4,751 homes listed in June 2019 and a 57.1% increase compared to May 2020 when 3,684 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7% decrease compared to June 2019 (14,968) and a 15.1% increase compared to May 2020 (9,927).
For all property types, the sales-to-active listings ratio for June 2020 is 21.4%. By property type, the ratio is 19.9% for detached homes, 25.2% for townhomes, and 21.3% 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% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3% decrease compared to May 2020.
Sales of detached homes in June 2020 reached 866, a 16.1% increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6% increase from June 2019 and a 0.5% increase compared to May 2020.
Sales of apartment homes reached 1,105 in June 2020, a 17.4% increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6% increase from June 2019 and a 0.8% decrease compared to May 2020.
Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3% increase from June 2019 and a 0.2% decrease compared to May 2020.
Read the original article: https://www.rebgv.org/market-watch/monthly-market-report/june-2020.html
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