Greater Vancouver Housing Market Update Recap for 2020
2020 Summary: Despite the pandemic, Metro Vancouver total residential sales reached 30,944 in 2020, a 22.1% increase compared to 2019 and a 25.7% increase compared to 2018. However, looking at long-term annual average, last year’s total sales was 2.8% below the 10-year sales average.
When the lockdown began in March, Metro Vancouver housing market came to a near halt. Home buyers and sellers' confidence quickly came back in May. Then we saw the greatest comeback from July to September breaking historical sales records. These strong sales were supported by two key drivers: record low mortgage rates and shifting housing needs for larger spaces.
Home benchmark price for all residential properties ended the year at $1,047,400. High demand from buyers and limited housing supply for sales created home buyers competition and caused home benchmark price for all property types increase 5.4% compared to 2019 and 1.45% increase compared to 2018.
December Summary: We had an unusual December, which traditionally is the quietest month of the year in real estate market. Total home sales went up 53.4% from the same month a year ago and up 0.9% from November. December's sales were 57.7% above the 10-year December sales average and is the highest total for the month on record. The benchmark prices for all residential properties continue to climb 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 36.2%
- Detached House: Seller's market with a sales ratio of 35.2%
- Townhouse: Seller's market with a sales ratio of 50.4%
- Apartment: Seller's market with a sales ratio of 33.1%
- Total 3,093 residential sales in Dec 2020
- 0.9% increase compared to Nov 2020
- 53.4% increase compared to Dec 2019
- Total 2,409 residential new listings in Dec 2020
- 40.8% decrease compared to Nov 2020
- 51.7% increase compared to Dec 2019
Total Number of Listings
- Total 8,538 residential listings on the MLS® in Dec 2020
- 23.2% decrease compared to Nov 2020
- 0.8% decrease compared to Dec 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 10.2% from Dec 2019 to $1,554,600.
- Townhouse: Benchmark price increase 4.9% from Dec 2019 to $813,900.
- Apartment: Benchmark price increase 2.6% from Dec 2019 to $676,500.
Average Days on Market
- Detached House: Dec 2020, 50 days. Dec 2019, 65 days. Dec 2018, 56 days.
- Townhouse: Dec 2020, 32 days. Dec 2019, 50 days. Dec 2018, 44 days.
- Apartment: Dec 2020, 40 days. Dec 2019, 48 days. Dec 2018, 41 days.