Hi Everyone I’m Gary Paul here with your June 2020 Real Estate Market update for Greater Vancouver.
Home buyers and sellers continue to adapt to the new norm of the real estate world and are becoming more comfortable operating with the physical distancing requirements now in place in our market.
The Real Estate Board reports that last month the total inventory of single family homes, townhomes and condos totalled 9,927 units, we saw 3,684 newly listed properties which was a decrease of 37% compared to the same period in 2019.
There was very little change to prices in May. The big change was the number of homes sold. We saw a total of 1,485 property transactions, this represents an absorption of 15% of the inventory.
Last month's sales volume was 55% below the 10 year average for May sales. If we see this level of activity for several months in a row, the build up of inventory will likely result in strong downward pressure on prices. As for now, in most markets it is still a sellers market
As for prices, the benchmark composite price for a single family home increased 2.9% to $1,456,700 from a year ago.
Apartment condo sale prices increased 3.0% year over year to $686,500 and attached home prices saw a increase of 1.8% from May of 2019 with the benchmark price last month reaching $792,700.
The Bank of Canada had a scheduled announcement the first week of June and they chose to leave the Bank of Canada Rate unchanged, this leaves the prime lending rate at 2.45% for those with variable rate mortgages, and the five year fixed rate is in the range of 2.4 to 2.7% depending on the loan to value ratio.
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.