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Metro Vancouver housing market shows resilience in 2020

Source: Real Estate Board of Greater Vancouver | CREA Statistics

The Vancouver housing market was strong in December resulting in a 2020 sales total in line with the long term annual average per the Real Estate Board of Greater Vancouver (REBGV).

Total Number of Homes Sold in 2020:

20202019% Change
Number of homes sold increased 22.1% year over year.

2020 residential home sales totalled 30,944, a 22.1% increase from 2019 sales of 25,351 and a 25.7% increase from 2018 sales of 24,619 per the Real Estate Board of Greater Vancouver (REBGV).

Number of Listings in 2020:

20202019% Change
Number of home listings for sale increased 4.6% year over year.

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 per cent increase compared to the 51,918 homes listed in 2019 and a 1.3 per cent increase compared to the 53,614 homes listed in 2018.

Note that last year’s listings total was 2.7 per cent below the region’s 10-year average.

2020 Key Drivers According to Board chairwoman Colette Gerber

“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons,” Gerber said. “Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”

Price Increase 2020 vs 2019:

All PropertiesApartmentsTownhomesDetached Homes
On average, all property prices increased 5.4% year over year.

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ended 2020 at $1,047,400, a 5.4% increase versus December 2019. The benchmark price for apartments increased 2.6 in the region last year, townhomes increased 4.9% and detached homes increased 10.2%.

Our View:

The large increase of 10.2% for detached homes reflects the shift in preference in many global urban centers for larger homes outside of the downtown core due to the pandemic. On the flip side, the apartment sector was resilient with a 2.6% increase vs 2019. Sales pressure will likely continue for detached homes in 2021 causing further price increases. As the pandemic eases from the vaccine, apartments may see higher price increases as the market shifts back towards the urban core, as more students & immigrants arrive in Canada again and as buyers priced out of the detached homes & townhomes shift their attention to apartments.

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