Metro Vancouver home sales in December 2020 in-line with long-term annual average:
- According to data from the Real Estate Board of Greater Vancouver (REBGV), December residential home sales totalled 3,093, up 53.4 per cent over the 2,016 recorded in December 2019.
- December home sales saw a 0.9 per cent increase from the 3,064 homes sold in November 2020.
- Benchmark price for Vancouver homes reached $1,047,400 in December, up 5.4 per cent from the same period in 2019.
- 2020’s annual sales total was 2.8 per cent below the 10-year sales average, but still outperforming 2019 by 22.1 per cent.
- The benchmark prices for all property types have increased in 2020. Apartments saw increase of 2.6 per cent; townhomes increased by 4.9 per cent and detached homes increased by 10.2 per cent.
December sales of detached home led gains indicating a shift in housing needs:
- According to REBGV chairwoman Colette Gerber, the pandemic has attributed to “shifting housing needs,” as more buyers were looking for standalone homes outside of downtown and dense areas given the more widespread stay-at-home and work-from-home mandates during the pandemic.
- Detached home sales saw 71.3 per cent increase vs. December 2019 at 1,026.
- December’s sales-to-active listings ratio for different home types:
- Detached homes: 35.2%
- Townhomes: 50.4%
- Condos: 33.1%
- Total: 36.2%
- Again, a continued above 20% trend is an indication of a seller’s market for all property types. To recap:
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A consistent trend of ratio above 20% indicates that the market is a seller’s market.
*Images/numbers from REBGV report.