REGBV Market Update For October 2020 – Home Sales Up Making It Second best October On Record
The Real Estate Board of Greater Vancouver (REBGV) released its October 2020 market report, which stated that October home sales and new listing activity reached near record levels.
Vancouver home sales for October were up 29% compared to the same month last year, making it the second best October on record.
According to the REGBC Chair, Colette Gerber, “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. Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way”.
The number of residential homes sales totalled 3,687 in October 2020, an increase of 829 homes or 29% when compared to October 2019, and an increase of 44 homes or 1.2% when compared to September 2020, amid a surge in sales of detached homes.
In October, 1,335 detached homes changed hands, a 42.3% increase from the same period last year.
The smaller market for attached homes, such as townhouses and rowhouses, also saw sales rise 45.9% to 782 sales.
But sales growth was slightly slower in Vancouver’s most common home type, apartments. Apartment sales hit 1,570, up 13.4% compared with October 2019.
In October, the total number of listings on the MLS system in Metro Vancouver was 12,416. This was a 1.5% increase compared to October 2019 – 12,236, and a 5.2% decrease compared to September 2020 when 13,096 properties were listed.
This ratio gives a better understanding of the balance between supply and demand. For October 2020, the ratio was 29.7%. By property type, the ratio was 30.9% for detached homes, 43.5% for town homes and 24.9% for condos.
When the ratio is around or below 12% for a sustained period, there is downward pressure on prices, and when it is above 20%, there is upward pressure.
In October the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver stood at $1,045,100. This was 6% increase over October 2019 and 0.4% increase over September 2020.
Get the full report here.
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