Market Update

• 1. Most recent Vancouver real estate market update
• 2. False Creek North/Yaletown update
• 3. Monthly statistical reports of the Real Estate Board of Greater Vancouver
• 4. Publications by the BC Real Estate Association
• 5. Statistics Canada - economic statistics for BC

 

1) Statistics compiled by the Real Estate Board of Greater Vancouver

November 2020 Real Estate Stats

News Release

November home sales outpace seasonal norms and long-term

Vancouver, BC - December 2, 2020 - Housing demand in Metro Vancouver continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020, a 22.7 per cent increase from the 2,498 sales recorded in November 2019, and a 16.9 per cent decrease from the 3,687 homes sold in October 2020.

Last month’s sales were 24.6 per cent above the 10-year November sales average and was the second highest total in this period.

“Home buyer demand has been at near record levels in our region since the summer,” Colette Gerber, REBGV Chair said. “This is putting upward pressure on home prices, particularly in our detached and townhome markets."

There were 4,068 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2 per cent increase compared to the 2,987 homes listed in November 2019 and a 27 per cent decrease compared to October 2020 when 5,571 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118, a 3.2 per cent increase compared to November 2019 (10,770) and a 10.5 per cent decrease compared to October 2020 (12,416).

"The supply of homes for sale are a critical factor in understanding home price trends," Gerber said. "The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today's market."

For all property types, the sales-to-active listings ratio for November 2020 is 27.6 per cent. By property type, the ratio is 27.9 per cent for detached homes, 40.1 per cent for townhomes, and 23.9 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Within the region, the Sunshine Coast saw the largest increase in year-over-year demand with 106 home sales in November 2020, an 82.8 per cent increase over November 2019 (58).

“While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish,” Gerber said. “The rise of work-from-home arrangements and physical distancing policies is causing some home buyers to opt for less densified areas.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,044,000. This represents a 5.8 per cent increase over November 2019 and a 0.1 per cent decrease compared to October 2020.

Sales of detached homes in November 2020 reached 1,061, a 28.6 per cent increase from the 825 detached sales recorded in November 2019. The benchmark price for a detached home is $1,538,900. This represents a 9.4 per cent increase from November 2019 and a one per cent increase compared to October 2020.

Sales of apartment homes reached 1,371 in November 2020, a 12.2 per cent increase compared to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500. This represents a 3.4 per cent increase from November 2019 and a one per cent decrease compared to October 2020.

Attached home sales in November 2020 totalled 632, a 40.1 per cent increase compared to the 451 sales in November 2019. The benchmark price of an attached home is $814,800. This represents a 5.6 per cent increase from November 2019 and a 0.2 per cent increase compared to October 2020.

Download the full stats package by clicking here.

 

 

 

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 2. Yaletown/False Creek North update.  

The statististical information below has been provided by the Real Estate Board of Greater Vancouver and while believed to be correct, no responsibilty is taken for its accuracy.

YALETOWN/FALSE CREEK NORTH SOLDS IN MARCH 2013  

Type

# of Sales

Average/median Sale $

Avg/med days on Mkt

 Avg/median $ per sq ft

Condo

43

650,963/462,000

42/25

705/681.78

Townhome

5

1,196,600/1,175,000 

 39/16

 706.59/672.89

YALETOWN/FALSE CREEK NORTH ACTIVE LISTINGS ON 20 APRIL 2013

Type

# of Listings  

    Average asking $    

    Median asking $    

  Low/high asking $   

Condo

244

973,726

677,000

 280,000/6,900,000

Townhome

20

1,602,185

1,084,000

 625,000/4,998,000