Real Estate Board of Greater Vancouver
Total Page:16
File Type:pdf, Size:1020Kb
News Release FOR IMMEDIATE RELEASE: Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt VANCOUVER, BC – May 4, 2020 – While Metro Vancouver* home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020. Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982. “Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.” Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic. “We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said. There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606). For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 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. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020. “Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said. Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020. Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020. Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020. -30- *Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. The real estate industry is a key economic driver in British Columbia. In 2019, 25,351 homes changed ownership in the Board’s area, generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25.3 billion in 2019. The Real Estate Board of Greater Vancouver is an association representing about 13,700 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org. For more information please contact: Craig Munn Manager, Communication Real Estate Board of Greater Vancouver 604.730.3146 [email protected] * April 2020 Benchmark Price 1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year Property Type Area Price Index Change % Change % Change % Change % Change % Change % Change % Residential / Composite Lower Mainland $979,000 270.2 0.3% 2.9% 4.2% 2.3% 11.2% 58.6% 81.0% Greater Vancouver $1,036,000 269.5 0.2% 2.7% 4.3% 2.5% 7.2% 50.7% 75.9% Bowen Island $934,000 202.5 0.8% 1.7% -4.1% -5.8% 6.4% 56.9% 49.6% Burnaby East $956,200 265.2 -1.0% 2.8% 3.7% 0.6% 6.2% 46.0% 73.1% Burnaby North $893,900 269.9 0.6% 2.4% 5.1% 2.5% 8.3% 54.9% 79.8% Burnaby South $967,900 273.4 0.1% 1.4% 3.2% -0.7% 5.5% 51.2% 79.4% Coquitlam $927,800 275.2 0.8% 3.5% 5.0% 3.3% 13.0% 62.8% 92.2% Ladner $816,300 229.8 1.6% 3.1% 4.9% 1.1% 2.3% 35.7% 58.7% Maple Ridge $776,000 247.1 1.1% 4.5% 4.0% 2.7% 20.0% 75.5% 78.5% New Westminster $662,900 291.6 0.1% 3.2% 4.0% 0.7% 19.1% 71.0% 87.2% North Vancouver $1,066,600 239.7 -0.6% 2.0% 4.6% 2.2% 3.7% 42.3% 65.7% Pitt Meadows $762,000 277.0 2.1% 4.8% 3.7% 2.7% 24.9% 77.0% 92.9% Port Coquitlam $772,100 264.3 1.1% 3.6% 6.1% 4.1% 16.6% 69.5% 80.2% Port Moody $937,000 259.0 0.5% 3.7% 4.7% 3.5% 16.0% 64.2% 84.2% Richmond $941,800 280.0 0.1% 2.7% 3.5% 1.7% 5.6% 50.7% 73.6% Squamish $777,600 247.4 -1.0% -0.4% -0.9% 0.9% 13.7% 72.3% 87.3% Sunshine Coast $581,100 203.6 1.2% 2.0% -3.8% -5.7% 8.3% 61.2% 51.6% Tsawwassen $926,000 232.1 0.2% 0.4% 1.9% -2.2% -2.2% 37.6% 62.0% Vancouver East $1,102,600 323.7 0.6% 2.6% 6.2% 3.7% 5.3% 52.4% 96.4% Vancouver West $1,291,900 269.2 -0.3% 2.9% 5.3% 4.1% 1.1% 38.8% 67.5% West Vancouver $2,108,000 232.1 0.0% 0.4% 0.6% -1.2% -14.0% 16.1% 60.1% Whistler $910,500 212.2 -0.3% -0.2% -0.7% 2.2% 20.2% 74.4% 62.0% Single Family Detached Lower Mainland $1,260,500 267.3 0.6% 2.7% 3.9% 2.6% 1.6% 45.8% 80.2% Greater Vancouver $1,462,100 269.0 0.8% 2.2% 3.7% 2.3% -4.4% 34.9% 73.7% Bowen Island $934,500 202.6 0.9% 1.8% -4.0% -5.7% 6.4% 56.9% 49.6% Burnaby East $1,220,400 272.9 -0.4% 3.8% 5.8% 4.0% 1.7% 41.7% 78.0% Burnaby North $1,470,100 284.3 1.2% 3.8% 7.6% 5.6% -3.8% 34.7% 83.7% Burnaby South $1,502,400 287.6 0.6% 0.6% 2.0% -1.9% -7.9% 29.8% 85.5% Coquitlam $1,214,300 269.5 2.0% 3.8% 5.5% 5.0% 2.0% 46.9% 86.1% Ladner $967,800 233.3 1.5% 3.3% 5.6% 0.6% 0.0% 34.5% 65.5% Maple Ridge $844,500 240.6 1.1% 4.3% 5.0% 3.6% 15.2% 72.7% 78.4% New Westminster $1,082,400 270.0 0.3% 3.7% 6.4% 2.7% 0.3% 43.0% 72.3% North Vancouver $1,545,100 243.3 -0.4% 0.5% 5.4% 2.2% -5.4% 33.8% 69.3% Pitt Meadows $928,000 261.5 3.4% 5.7% 5.2% 3.5% 16.6% 69.4% 85.1% Port Coquitlam $981,100 261.6 2.2% 3.4% 7.3% 7.0% 5.8% 55.3% 81.2% Port Moody $1,443,600 266.6 1.6% 3.1% 3.5% 5.7% 5.1% 50.3% 84.9% Richmond $1,530,500 296.5 0.5% 1.8% 1.9% 0.0% -7.7% 33.8% 71.8% Squamish $992,700 261.6 -0.4% 0.5% 0.6% 2.9% 10.1% 74.4% 89.6% Sunshine Coast $576,600 202.0 1.3% 2.1% -3.6% -5.7% 8.3% 60.8% 50.4% Tsawwassen $1,164,800 250.8 0.7% 0.6% 3.0% -1.4% -3.2% 40.8% 76.2% Vancouver East $1,430,100 318.1 0.3% 1.6% 5.1% 5.5% -3.4% 36.5% 99.7% Vancouver West $2,975,400 305.1 1.1% 1.6% 2.2% 0.9% -14.8% 19.6% 66.0% West Vancouver $2,570,900 242.7 0.7% 0.2% 1.9% -0.4% -15.0% 14.5% 69.0% Whistler $1,644,100 228.7 -1.5% 2.0% -0.9% 5.0% 9.6% 62.3% 61.2% HOW TO READ THE TABLE: • Benchmark Price: Estimated sale price of a benchmark property.