Home sale and listing activity remained at near record levels for the month of October, with “home” becoming a focus for Vancouver residents during the pandemic. With more time spent at home this year and in the foreseeable future, many people are reevaluating their housing situation.
The Real Estate Board of Greater Vancouver (REBGV) reported a 29% increase in home sales from October of 2019, with 3687 sales in the region. This is also a 1.2% increase from the 3643 homes sold in September 2020, which was yet another record breaking month.
October’s sales were 34.7% above the 10-year sales average, and currently stands as the second highest total on record for the month.
For all property types the sales-to-active listings ratio for October 2020 is 29.7%. By property type, the ratio is 30.9% for detached homes, 43.5% for townhomes and 24.9% 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% over several months.
Keep in mind these statistics are for all of Metro Vancouver. Markets and housing types perform differently relative to area and also price segment for example. To see how your particular “neighbourhood” is performing in your area of town, go to the neighbourhood profiles on this site and find yours. Or just us a call us, we will help you navigate.
Have an awesome rest of autumn!
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