Greater Vancouver Housing Market Update for August 2020
Summary: For the four consecutive months, Metro Vancouver home sales and new listings continue to increase despite the uncertainty COVID-19. Total home sales went up 36.6% from a year ago. Last month’s sales were 19.9% above the 10-year August sales average. New listings increased 55.1% compared to August 2019. This was 34.8% above the 10-year August new listings average. Low mortgage rates, increased home buyer’s demand and limited home listings are creating competition and driving up home benchmark prices for all property types.
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 23.8%
- Detached House: Seller's market with a sales ratio of 23.7%
- Townhouse: Seller's market with a sales ratio of 30.5%
- Apartment: Balanced/Seller's market with a sales ratio of 21.6%
- Total 3,047 residential sales in Aug 2020
- 2.6% decrease compared to July 2020
- 36.6% increase compared to Aug 2019
- Total 5,813 residential new listings in Aug 2020
- 2.3% decrease compared to July 2020
- 55.1% increase compared to Aug 2019
Total Number of Listings
- Total 12,803 residential listings on the MLS® in Aug 2020
- 6% increase compared to July 2020
- 4.4% decrease compared to Aug 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 6.6% from Aug 2019 to $1,491,300
- Townhouse: Benchmark price increase 4.4% from Aug 2019 to $806,400
- Apartment: Benchmark price increase 4.5% from Aug 2019 to $685,800
Average Days on Market
- Detached House: Aug 2020, 38 days. Aug 2019, 55 days. Aug 2018, 54 days.
- Townhouse: Aug 2020, 34 days. Aug 2019, 44 days. Aug 2018, 31 days.
- Apartment: Aug 2020, 32 days. Aug 2019, 42 days. Aug 2018, 29 days.