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Steady increases in home sale and listing activity continue in June


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Shared on July 3rd, 2020

VANCOUVER, BC – 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 inperson 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.

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