This time last month, we were wondering if the summer’s busy market would continue into fall. Now that October’s numbers are in, it’s clear: the upward trend shows no sign of slowing.
The latest report from the Real Estate Board of Greater Vancouver (REBGV) reveals home sales and new listing activity remained at near-record levels across Metro Vancouver in October. Last month’s home sales were 34.7% above the 10-year October sales average and stand as the second-highest total on record for the month.
“Home has been a focus for residents during the pandemic,” noted Colette Gerber, REBGV Chair. “With more days and evenings spent at home this year, people are re-thinking their housing situations.” As the pandemic continues, this focus on the home isn’t likely to change, especially as we head into Metro Vancouver’s darker, rainier months.
October’s Housing Market at a GlanceLast month, residential home sales in Metro Vancouver totalled 3,687, a 29% increase from October 2019 and a 1.2% increase from September 2020.
There were 5,571 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in October 2020. This number represents a 36.7% increase compared to the 4,074homes listed in October 2019 and a 13% decrease compared to September 2020, when 6,402 homes were listed.
There is now a total of 12,416 homes listed on Metro Vancouver’s MLS® system, a 1.5% increase compared to October 2019’s 12,236 listings and a 5.2% decrease compared to September 2020.
October’s sales-to-active-listings ratio for all property types is 29.7%. By property type, the ratio is 30.9% for detached homes, 43.5% for townhomes, and 24.9% for condos.
Analysts generally expect home prices to dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months. As demand outpaces supply, home prices go up.
“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers,” Gerber noted. “To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This price represents a 6% increase over October 2019 and a 0.4% increase compared to September 2020.
October’s Sales by Property TypeThere were 1,335 sales of detached homes in October 2020, a 42.3% increase compared to October 2019’s 938 sales. The current benchmark price for a detached house is $1,523,800. This price represents an 8.5% increase from October 2019 and a 1.1% increase compared to September 2020.
Townhouse sales in October 2020 totalled 782, a 45.9% increase compared to September 2019. The benchmark price of an attached home is now $813,000. This price represents a 5.4% increase over last year and a 0.4% increase compared to September 2020.
Finally, there were 1,570 condo sales in October 2020, a 13.4% increase compared to October 2019. An apartment home’s benchmark price remains $683,500 — a 4.4% increase from October 2019 but unchanged from September 2020.