April 2020 Market Update
Vancouver Real Estate
HOME SALES AND LISTINGS DOWN AMID COVID-19, NEW TOOLS AND PRACTICES EMERGE TO HELP BUYERS AND SELLERS ADAPT
While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.
Sales in Greater Vancouver totalled 1,109 in April 2020, a 39.4% decrease from the 1,829 sales recorded in April 2019, and a 56.1% decrease from the 2,524 homes sold in March 2020.
Last month’s sales were 62.7% below the 10-year April sales average and was the lowest total for the month since 1982.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 9,389, a 34.6% decrease compared to April 2019 (14,357) and a 2.3% decrease compared to March 2020 (9,606).
For all property types, the sales-to-active listings ratio for April 2020 is 11.8%. By property type, the ratio is 10% for detached homes, 14.7% for townhomes, and 12.4% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5% increase compared to April 2019, and a 0.2% increase compared to March 2020.
