The May 2020 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by PropertyType
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

If you are interested in a report like this is for other areas, please contact me to request it and I'll send it to you.

DOWNLOAD VANCOUVER EAST & WEST

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.

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To all of my friends, clients, and colleagues;  

I recently came across an article  about our current situation right now and I wanted to share it with you.  So, here it is:

The recent events created from the spread of the coronavirus, or otherwise known as COVID-19 is a perfect example of just how fragile we humans are, on a planet that is reminding us that nature and physics are in control.

Unfortunately, even with our advanced technology, it’s still going to take a while before a vaccine is created. This is a very dangerous virus. It’s going to take its toll. Until the vaccine arrives, it’s imperative that we do everything we can to not get infected, or not infect someone else.

Eventually we’ll get through this and if we learn from it, our way of life, our health, and the economy will be better off. The one glimmer of hope that comes from this pandemic, is the way that people of different nations, political stripes, ideologies, and religions have come together cohesively to battle for the health and common good of all, as it is the only way.

The world is also facing another monster, it’s called ‘man-made climate change’. Let us hope that the lessons learned and the commonality that we all now identify with will incentivize all of us who occupy this glorious world, not only to cherish and take care of it, but to use it sustainably, not only to benefit our species, but all species.

If we’re going to save ourselves and the species of earth from climate change and future catastrophic events, again we’ll have to come together and work as one, as it is the only way.

And as we adjust and adapt to the new normal of social distancing and renewed hygiene, which we should have probably been doing anyways, we can reflect that we’re not doing this for ourselves, but for others.

And if we continue to put the health and wellbeing of others in our wheelhouse, we’ll have not only have saved future generations from catastrophic climate change, but we’d actually set an example and provide a template for all generations to come.

While Metro Vancouver* home sale and listing activity remains limited by the COVID-19 situation, we REALTORS® across the region are fast adopting new tools and practices to help advise and serve our 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.  People are, however, adapting. They’re working with us 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.  We are using different technology to showcase homes virtually, assess neighbourhood amenities  and handle paperwork electronically with our clients.  

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. 

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.  

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.