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August 2020 Vancouver Real Estate Market Update

Blog by Gary Paul | August 17th, 2020

The real estate board reports that the increase in activity is a direct result of those that put their spring home buying and selling plans on hold, and have now decided to activate their real estate desires.

Home prices continue to remain steady, and we are still experiencing a vibrant real estate market. There were 5,800 newly listed properties enter the market last month, that number is up 55% compared to August 2019.

The total number of properties listed at the end of August was 12,800 a 4.4% decrease compared to August 2019 but an increase of 6.0% from July of this year.

We saw 24% of the inventory across the board sold last in August, for prices to have pressure to come down, you will need to see, only 12% of the inventory sell month after month.

This will cause inventory to build and home sellers that need to sell, will begin lowering their price to find buyers. This is the 7th straight month since the pandemic started that we are seeing sales at this level of activity. Historic low interest rates continue to be available to buyers with a five year fixed rate, in the 2.0 to 2.25% range. At present, and in most communities, it’s still a sellers market.

Let’s take a look at August 2020 prices, the benchmark composite price for a single family home increased 6.6% to $1,491,000 from a year ago.

Apartment condo sales totalled 1,300 units and prices increased 4.5% year over year to $685,800 and attached home prices saw a increase of 4.4% from August of 2019 with the benchmark price last month coming in at $806,000.

I cover the Greater Vancouver area, to find out what is happening in your local market feel free to contact me by phone or email.