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%
- Total 3,687 residential sales in Oct 2020
- 1.2% increase compared to Sept 2020
- 29% increase compared to Oct 2019
- 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.