As of March 3 2021, low interest rates remain a key-driver in today’s real estate market. If you are re-evaluating your living space to accommodate working from home or homeschooling, low interest rates reduce mortgage costs. The market is active with many first-time homebuyers and move-up buyers entering.

If you are looking to sell, the demand for new listings are high. The total number of homes listed for sale in the region decreased by 9.1% than in February 2020 but increased by 0.6% from January 2021. 

“Competition amongst homebuyers is causing multiple offer situations and upward pressure on prices.” -  REBGV chair Collette Gerber.

(Photo Credit: https://www.vancouverisawesome.com/)

Home sales in Vancouver are up 29 percent compared to October 2019. Which makes it the 2nd-best October on record. The board said its agents sold 2,858 homes in October 2019 and 3,687 homes last month in 2020.

"The benchmark price for Vancouver homes hit $1,045,100 in October, up six per cent from last October and 0.4 per cent from September."

Due to the pandemic many inviduals and families are reevaluating their home environment as they have been spending a lot more time working and living at home. The market continues to reflect strong sales as per low inventory and lack of lisitings, and low intrest rates.

“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers,said board chairwoman Colette Gerberr.

September 2020 was another all-time record in National Home Sales, with an +0.92% increase over August 2020. Newly listed homes fell by 10.2% in September, thus causing a shortage in supply. 

According to The Canadian Real Estate Association, August 2020 was by another record-setting month in the Canadian Housing Markets, heavily influenced by B.C’s lower mainland. In addition to a rise in new listings, jumping by 10.6% from July to August. Sales transactions were up in almost all Canadian housing markets compared to August 2019. The report reads that “the actual national average home price set another record in August 2020, up 18.5% from August 2019. ”Due to many markets suffering from inventory shortage, there has been fierce competition among buyers this summer. By the end of the month, there were only 2.6 months of inventory across the country, which is the lowest reading on record for this measure. Many properties have been shown virtually or by appointment only with PPE and sanitization protocol, due to the safety regulations put into place to protect buyers and sellers.

(Source: The Canadian Real Estate Association, 2020)

Metro Vancouver and Fraser Valley home sales reach above the normal July average in 2020. The Real Estate Board of Greater Vancouver reported that residential home sales have shown a 22.3 percent increase from sales recorded in July 2019. They also mentioned that for all property types, the sales-to-active listings ratio for July 2020 is 24.9 percent. Many sellers have found the need to upsize during this time with more working from home. Both buyers and sellers are serious and are adjusting to the new normal of appointment based open houses and other safety protocols to ensure proper social distancing.

Image by Joachim Thiemann from Pixabay

According to the Real Estate Board of Greater Vancouver, “In June, home sale and listing activity have returned to more historically typical levels.” Meaning that the housing market has become more active for both buyers and sellers since the provincial government declared a state of emergency in March due to the pandemic.  

Safety protocols such as wearing gloves and masks during showings, increased sanitization, and enforcing social distancing have helped increase buyer and seller safety and comfortability. The RECBC recommends that real estate professionals should encourage virtual showings. As well as schedule viewings and use pre-registration to limit the number of individuals in the home.

Each month after the state of emergency was declared in British Columbia, the demand has increased steadily. From April – June 2020, Metro Vancouver listings have gone up by 144%.

(Photo Credit: Real Estate Board of Greater Vancouver, 2020)

GST and PST tax structure in the province. Sales tax on a new home is reduced to 5 per cent GST plus 2 per cent BC Transition Tax (total 7 per cent) from 12 per cent under the HST

Residential property sales in March 2013 represented an 18.3 per cent decrease compared to the sales recorded in March 2012 and a 30.6 per cent increase compared to the 1,797 sales in February 2013.

While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices.

VANCOUVER, B.C. – July 4, 2012 – The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached,

attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.

June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,”.  “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

The MLSLink® Housing Price Index (HPI) composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 1.7% and declined 0.7% compared to last month.

Sales of detached properties on the MLS® in June 2012 reached 921, a decrease of 37.4 per cent from the 1,471 detached sales recorded in June 2011, and a 19.1 per cent decrease from the 1,139 units sold in June 2010. The benchmark price for detached properties increased 3.3 per cent from June 2011 to $961,600.

Sales of apartment properties reached 1,026 in June 2012, a 19 per cent decrease compared to the 1,266 sales in June 2011, and a decrease of 18.4 per cent compared to the 1,258 sales in June 2010. The benchmark price of an apartment property increased 0.3 per cent from June 2011 to $376,200.

Attached property sales in June 2012 totalled 415, a 21 per cent decrease compared to the 525 sales in June 2011, and a 27.8 per cent decrease from the 575 attached properties sold in June 2010. The benchmark price of an attached unit decreased 0.1 per cent between June 2011 and 2012 to $468,400

Demand and supply in the resale market are expected to remain
balanced until later in 2012. This will be reflected in the sales to new listings ratio, a barometer of supply and demand conditions.

Under these conditions, prices generally rise at near the rate of
inflation, home buyers have an ample choice of listings and home sellers can expect more price competition. With existing home sales moving lower and new MLS® listings trending flat since
March of this year, most markets in Greater Vancouver have moved to more balanced territory.

As home buyers and sellers adjust to more balanced resale market. Conditions during the remainder of this year and into 2012, there will be less upward pressure on prices for all home types. Single detached house prices moved lower during the third
quarter, reflecting a downtrend in sales and an ample supply of listings.
However, strong growth in single detached resale home prices during the first part of the year in some areas of Greater Vancouver will increase the average MLS® price (for all home
types combined) by 17 per cent in 2011, to $788,000.
For 2012, it is expected that growth in single detached house   prices will be more moderate and move more in line with multi-family (town home and apartment) home price growth. The divergence in the pace of growth which began in mid-2010 will continue to gradually narrow. The average resale price is projected to increase two per cent in 2012, to $805,000.