According to the latest update from the Real Estate Board of Greater Vancouver (REBGV), Metro Vancouver’s home prices have continued to hold steady through May, even as the COVID-19 pandemic continues. After a shaky start to spring, it looks like the local housing market has adjusted to changes necessitated by the social distancing requirements that began earlier this year.
“Homebuyers and sellers are adapting today, becoming more comfortable operating with the physical distancing requirements that are in place in the market,” noted Colette Gerber, REBGV Chair.
“Homebuyers and sellers are working with their REALTORS® to use new tools to complete different stages of the real estate transaction virtually,” Gerber continued. “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.”
May 2020 saw 1,485 residential home sales in the region. This represents a 43.7% decrease from May 2019 but a 33.9% increase from April 2020’s 1,109 sales. Last month’s sales were 54.4% below the 10-year May sales average, but their growth compared to April 2020 shows promise for the future.
May’s Housing Market at a Glance
There were 3,684 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in May 2020. This number represents a 37.1% decrease compared to May 2019, and a 59.3% increase compared to April 2020.
Right now, there are 9,927 homes currently listed on Metro Vancouver’s MLS® system, a 32.4% decrease compared to May 2019, and a 5.7% increase compared to April 2020.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,028,400. This price has been relatively steady for the past three months, with just a 1.4% increase over that time.
The sales-to-active-listings ratio for all property types for May 2020 is 15%. By housing type, that’s 13.5% for detached homes, 18.9% for townhomes, and 14.8% for apartments.
Generally, analysts say home prices dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
Sales by Property Type
There were 534 detached homes sold in May 2020, a 41.5% decrease compared to May 2019. The current benchmark price for detached properties is $1,456,700. This price represents a 0.3% increase from April 2020 and a 2.9% increase compared to May 2019.
May 2020 saw 298 sales of attached homes, for a 37.8% decrease compared to last year. The benchmark price of an attached home is now $792,700. This price represents a 0.2% increase from April 2020 and a 1.8% increase compared to May 2019.
Finally, there were 653 sales of apartment homes in May 2020, a 47.6% decrease compared to May 2019. The benchmark price of an apartment is now $686,500 — a 0.3% decrease compared to April 2020 and a 3% increase compared to May 2019.
Keep An Eye on the Market
Metro Vancouver’s market appears to be holding steady, but if you’re looking for expert insights beyond the numbers, Stilhavn REALTORS® are here to support you. “Home prices have been stable during the COVID-19 period,” Gerber noted. “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.”
If you’ve got questions about buying or selling your home, get in touch today!