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While still elevated, home sale and listing activity in Metro Vancouver* has eased back from the record-setting pace seen in March and April of this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,762 in June 2021, a 54 per cent increase from the 2,443 sales recorded in June 2020, and an 11.9 per cent decrease from the 4,268 homes sold in May 2021.

Last month’s sales were 18.4 per cent above the 10-year June sales average.

“Metro Vancouver’s housing market continues to experience strong seller’s market conditions, although the intensity of demand has eased from what we saw throughout most of the spring,” Keith Stewart, REBGV economist said. “The past two months have shown a market that’s shifting toward more historically typical conditions.”

There were 5,849 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2021. This represents a 1.1 per cent increase compared to the 5,787 homes listed in June 2020 and a 17.9 per cent decrease compared to May 2021 when 7,125 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,839, a 5.1 per cent decrease compared to June 2020 (11,424) and a 1.2 per cent decrease compared to May 2021 (10,970).

“With low interest rates, a growing economy and an improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals,” Stewart said. “We’re now seeing a market that’s beginning to normalize from the torrid pace in the spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently again, and is making new price records less likely.”

For all property types, the sales-to-active listings ratio for June 2021 is 34.7 per cent. By property type, the ratio is 27.5 per cent for detached homes, 49.2 per cent for townhomes, and 37.1 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 $1,175,100. This represents a 14.5 per cent increase over June 2020 and a 0.2 per cent increase compared to May 2021.

Sales of detached homes in June 2021 reached 1,262, a 45.7 per cent increase from the 866 detached sales recorded in June 2020. The benchmark price for detached properties is $1,801,100. This represents a 22 per cent increase from June 2020 and is virtually unchanged from May 2021.

Sales of apartment homes reached 1,774 in June 2021, a 60.5 per cent increase compared to the 1,105 sales in June 2020. The benchmark price of an apartment is $737,600. This represents a 8.9 per cent increase from June 2020 and a 0.1 per cent increase compared to May 2021.

Attached home sales in June 2021 totalled 726, a 53.8 per cent increase compared to the 472 sales in June 2020. The benchmark price of an attached home is $946,900. This represents a 17.4 per cent increase from June 2020 and a 1.1 per cent increase compared to May 2021.

Download the June 2021 stats package.

Real Estate Board of Greater Vancouver

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 November 2020 stats package

Real Estate Board of Greater Vancouver

Thank you to Oceanfront Wealth Management for the opportunity to speak on some current issues in today’s real estate market. Here’s the link to our online conversation – https://oceanfrontwealth.wistia.com/medias/6irmji6wus?mc_cid=41f466f52d&mc_eid=[UNIQID]

Another recent article that echo’s some of my comments & concerns in the above interview was just published Mark Ting for CBC News – https://www.cbc.ca/news/canada/british-columbia/ting-column-sept-18-1.5730878

Recent provincial changes to strata insurance + link to in-depth report – https://www.rebgv.org/news-archive/provincial-government-changes-strata-insurance-regulations.html

Another interesting article from The Western Investor – https://www.westerninvestor.com/news/british-columbia/the-pandemic-housing-recession-that-never-was-1.24201470

Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August 2020, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 homes sold in July 2020.

Last month’s sales were 19.9 per cent above the 10-year August sales average.

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer,” Colette Gerber, REBGV Chair said. “Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.”

There were 5,813 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2020. This represents a 55.1 per cent increase compared to the 3,747 homes listed in August 2019 and a 2.3 per cent decrease compared to July 2020 when 5,948 homes were listed.

This was 34.8 per cent above the 10-year August new listings average.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,803, a 4.4 per cent decrease compared to August 2019 (13,396) and a six per cent increase compared to July 2020 (12,083).

For all property types, the sales-to-active listings ratio for August 2020 is 23.8 per cent. By property type, the ratio is 23.7 per cent for detached homes, 30.5 per cent for townhomes, and 21.6 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.

“Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Gerber said. “Your local REALTOR® can help you navigate today’s market and ensure that the latest public health requirements are followed at every step of the process. Above all, safety has to remain our top priority during this pandemic.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3 per cent increase over August 2019 and a 0.7 per cent increase compared to July 2020.

Sales of detached homes in August 2020 reached 1,095, a 55.1 per cent increase from the 706 detached sales recorded in August 2019. The benchmark price of a detached home is $1,491,300. This represents a 6.6 per cent increase from August 2019 and a one per cent increase compared to July 2020.

Sales of apartment homes reached 1,332 in August 2020, a 19.4 per cent increase compared to the 1,116 sales in August 2019. The benchmark price of an apartment property is $685,800. This represents a 4.5 per cent increase from August 2019 and a 0.5 per cent increase compared to July 2020.

Attached home sales in August 2020 totalled 620, a 51.6 per cent increase compared to the 409 sales in August 2019. The benchmark price of an attached home is $806,400. This represents a 4.4 per cent increase from August 2019 and a 1.1 per cent increase compared to July 2020.

Download the August 2020 stats package

Real Estate Board of Greater Vancouver

The Province of BC has changed the Strata Property Act and the Financial Institutions Act in response to the recent escalation of insurance premiums and deductibles. In a communication to Strata Managers, the Real Estate Council of BC (RECBC) highlighted that now:

• Strata corporations are required to inform owners as soon as it is feasible of any material change in the strata corporation’s insurance coverage, including increasing deductibles; and
• Strata corporations can use their operating fund or contingency reserve fund to pay for property and liability insurance required under the Strata Property Act or the strata corporation’s bylaws without a vote of owners if there are reasonable grounds to believe that an immediate expenditure is necessary to obtain the required insurance.

RECBC also noted that more changes are in the works and advised real estate professionals to refer to the updated insurance web page on the government’s strata housing website for further details.

BCREA Continues to Advocate on Insurance Issues

The dramatic rise in insurance premiums and deductibles experienced by many strata properties and owners is an issue of significant concern to BCREA.

The need to find a solution is urgent, but there are no quick fixes on the horizon. The issues are complex, ranging from high claims ratios and our ever-present risk of earthquakes, to insurance companies vacating the BC market and poor maintenance practices. For the approximately 1.5 million BC residents who are strata residents, and any potential purchasers of condominium units, this crisis creates risk and uncertainty.

We have engaged with the BC Financial Services Authority with our recommendations (viewable in this previous blog post), and continue to advocate for further actions by government to ensure better availability of insurers in the market, and improved education and training for strata councils.

This page on the provincial government’s website provides more information on the recent legislative changes and additional background on insurance for strata corporations.

To subscribe to receive BCREA publications, or to update your email address or current subscriptions, click here.

Posted by
Mark Sakai
Advocacy Project Manager

August 5, 2020

Metro Vancouver housing market sees steady summer activity Home buyer and seller activity in Metro Vancouver* exceeded historical levels in July. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020. 

Last month’s sales were 9.4 per cent above the 10-year July sales average. “We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV Chair said. “Low interest rates and limited overall supply are also increasing competition across our market.” 

There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2020. This represents a 28.9 per cent increase compared to the 4,613 homes listed in July 2019 and a 2.8 per cent increase compared to June 2020 when 5,787 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,083, a 15.1 per cent decrease compared to July 2019 (14,240) and a 5.8 per cent increase compared to June 2020 (11,424). “Safety remains the top priority for our REALTOR® community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.” 

For all property types, the sales-to-active listings ratio for July 2020 is 25.9 per cent. By property type, the ratio is 25.1 per cent for detached homes, 31.1 per cent for townhomes, and 24.7 per cent for apartments. Generally, analysts say that 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 $1,031,400. This represents a 4.5 per cent increase over July 2019 and a 0.6 per cent increase compared to June 2020. 

Sales of detached homes in July 2020 reached 1,121, a 33.3 per cent increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a five per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020. Sales of apartment homes reached 1,400 in July 2020, a 12.6 per cent increase compared to the 1,243 sales in July 2019. The benchmark price of an apartment property is $682,500. This represents a 4.2 per cent increase from July 2019 and a 0.3 per cent increase compared to June 2020. Attached home sales in July 2020 totalled 607, a 28.3 per cent increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7 per cent increase from July 2019 and a 0.9 per cent increase compared to June 2020.

Download the July 2020 stats package

July 3, 2020

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6 per cent increase from the 2,077 sales recorded in June 2019, and a 64.5 per cent increase from the 1,485 homes sold in May 2020.

Last month’s sales were 21.9 per cent below the 10-year June sales average.

“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019 and a 57.1 per cent increase compared to May 2020 when 3,684 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7 per cent decrease compared to June 2019 (14,968) and a 15.1 per cent increase compared to May 2020 (9,927).

“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, REALTORS® are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighborhood.”

For all property types, the sales-to-active listings ratio for June 2020 is 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 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.

“Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, REALTORS® have begun seeing multiple offers for homes priced competitively for today’s market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5 per cent increase over June 2019 and a 0.3 per cent decrease compared to May 2020.

Sales of detached homes in June 2020 reached 866, a 16.1 per cent increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6 per cent increase from June 2019 and a 0.5 per cent increase compared to May 2020.

Sales of apartment homes reached 1,105 in June 2020, a 17.4 per cent increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6 per cent increase from June 2019 and a 0.8 per cent decrease compared to May 2020.

Attached home sales in June 2020 totalled 472, a 21 per cent increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800.

This represents a 2.3 per cent increase from June 2019 and a 0.2 per cent decrease compared to May 2020.

Download the June 2020 stats package

 Real Estate Board of Greater Vancouver

Here’s a couple of Global News reports yesterday ……..

Latest CMHC numbers show COVID-19 pandemic has frozen real estate markets
https://globalnews.ca/video/7100197/latest-cmhc-numbers-show-covid-19-pandemic-has-frozen-real-estate-markets

BC Government makes changes to Strata Insurance https://globalnews.ca/video/rd/d4270b26-b5bd-11ea-8661-0242ac110004/?jwsource=em

Here’s a couple of interesting articles regarding the economics of it all:

1st there’s the micro-economics – https://www.msn.com/en-ca/finance/finance-top-stories/analysis-a-looming-coronavirus-debt-crisis-could-swamp-canadian-households/ar-BB15aofo?ocid=NL_ENCA_A1_20200610_1_2&bep_ref=1&bep_csid=18605

Secondly here’s the macro-economics – https://www.msn.com/en-ca/news/parliamenthill/why-canada-might-need-a-temporary-covid-19-tax-and-repayment-fund/ar-BB15cXgb?ocid=NL_ENCA_A1_20200610_2_2&bep_ref=1&bep_csid=18605

& lastly here’s a forecast for BC Housing – https://www.bcrea.bc.ca/economics/bcrea-2020-second-quarter-housing-forecast-bc-homes-sales-to-post-strong-recovery-in-2021/

In summary: there’s concerns about the climbing consumer debt & job losses but the government debt to curb the impact, albeit huge, can be managed. The forecast for our local market is looking better than expected but may be too soon to tell.

There’s a tremendous amount of information & predictions which can be confusing. I’m here to help you navigate these uncertain times. Call, text or email me anytime to assist.

June 2, 2020

Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price Index1 composite benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last three months, and a 2.9 per cent increase compared to May 2019.

“Home prices have been stable during the COVID-19 period,” Colette Gerber, REBGV Chair said. “While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge.”

Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in April 2020.

Last month’s sales were 54.4 per cent below the 10-year May sales average.

“Home sale and listing activity is down compared to typical, long-term levels and up compared to the activity we saw in April 2020,” Gerber said. “Home buyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market.” 

There were 3,684 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2020. This represents a 37.1 per cent decrease compared to the 5,861 homes listed in May 2019 and a 59.3 per cent increase compared to April 2020 when 2,313 homes were listed. 

“Home buyers and sellers are working with their REALTORS® to use new tools to complete different stages of the real estate transaction virtually,” Gerber said. “When in-person interactions are necessary, we’re working with our clients to follow the physical distancing requirements set out by WorkSafeBC and the provincial health officer.” 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,927, a 32.4 per cent decrease compared to May 2019 (14,685) and a 5.7 per cent increase compared to April 2020 (9,389).

For all housing types, the sales-to-active listings ratio for May 2020 is 15 per cent. By housing type, the ratio is 13.5 per cent for detached homes, 18.9 per cent for townhomes, and 14.8 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.

Sales and benchmark prices by property type

Sales of detached homes in May 2020 reached 534, a 41.5 per cent decrease from the 913 detached sales recorded in May 2019. The benchmark price for detached properties is $1,456,700. This is a 0.3 per cent increase from April 2020, a 2.2 per cent increase over the past three months, and a 2.9 per cent increase compared to May 2019.

Sales of apartment homes reached 653 in May 2020, a 47.6 per cent decrease compared to the 1,246 sales in May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3 per cent decrease from April 2020, a 0.9 per cent increase over the past three months, and a three per cent increase compared to May 2019.

Attached home sales in May 2020 totalled 298, a 37.8 per cent decrease compared to the 479 sales in May 2019. The benchmark price of an attached home is $792,700. This is a 0.2 per cent increase from April 2020, a 1.2 per cent increase over the past three months, and a 1.8 per cent increase compared to May 2019.

Download the May 2020 stats package

Real Estate Board of Greater Vancouver