Greater Vancouver Housing Market Update for October 2020





Summary:  Metro Vancouver housing market continues to favor home sellers, especially in the detached house and townhouse markets.  Total home sales went up 29% from a year ago and up 1.2% from September.  Last month’s sales were 34.7% above the 10-year October sales average and stands as the second-highest total on record for the month. September sales was the highest on record.  Home benchmark prices for all residential property types increased 6% on a year-over-year basis.

Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult with me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  


  • All Properties: Seller's market with a sales ratio of 29.7%
  • Detached House: Seller's market with a sales ratio of 30.9%
  • Townhouse:  Seller's market with a sales ratio of 43.5%
  • Apartment:  Seller's market with a sales ratio of 24.9%

Residential Sales
  • Total 3,687 residential sales in Oct 2020
  • 1.2% increase compared to Sept 2020
  • 29% increase compared to Oct 2019

New Listings
  • Total 5,571 residential new listings in Oct 2020
  • 13% decrease compared to Sept 2020
  • 36.7% increase compared to Oct 2019

Total Number of Listings
  • Total 12,416 residential listings on the MLS® in Oct 2020
  • 5.2% decrease compared to Sept 2020
  • 1.5% increase compared to Oct 2019

Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 


  • Detached House: Benchmark price increase 8.5% from Oct 2019 to $1,523,800
  • Townhouse: Benchmark price increase 5.4% from Oct 2019 to $813,000
  • Apartment: Benchmark price increase 4.4% from Oct 2019 to $683,500

Average Days on Market
  • Detached House: Oct 2020, 39 days. Oct 2019, 55 days. Oct 2018, 53 days.
  • Townhouse: Oct 2020, 29 days. Oct 2019, 43 days. Oct 2018, 32 days.
  • Apartment: Oct 2020, 32 days. Oct 2019, 41 days. Oct 2018, 31 days.






Karen Tsao
Karen Tsao
Associate
1428 W 7th Ave Vancouver BC V6H 1C1