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Vancouver real estate continues to pick up steam despite COVID-19

Jessy Bains
·2 mins read
Contemporary luxury home for sale in West Vancouver.  RM
Contemporary luxury home for sale in West Vancouver. RM

Home buyers in Metro Vancouver so far seem unphased by the uncertainty around the COVID-19 pandemic, as activity picked up in June.

The Real Estate Board of Greater Vancouver (REBGV) says 2,443 homes changed hands, which is a 64.5 per cent jump from the 1,485 homes sold in May. It’s also a 17.6 per cent increase from the 2,077 homes sold in June 2019.

“Realtors continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” said Colette Gerber, REBGV Chair, in a release.

“Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

Sellers are getting more comfortable putting their homes on the market, as 5,787 newly listed properties hit the Multiple Listing Service (MLS) in June for a 57.1 per cent increase compared to 3,684 in May 2020. It’s also 21.8 per cent higher than 4,751 in June 2019.

In total, there were 11,424 homes for sale, which is 15 per cent higher than 9,927 in May 2020. But supply is still 23.7 per cent tighter compared to 14,968 in June 2019

“Home prices have remained steady with minimal fluctuation over the last few months,” said Gerber.

“With increasing demand, realtors have begun seeing multiple offers for homes priced competitively for today’s market.”

The average price of a home in Metro Vancouver was $1,025,300, which is 0.3 per cent lower than May 2020, but 3.5 per cent higher than June 2019.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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