What is happening with Vancouver Real Estate October 2020?

Vancouver-Real-Estate-October-2020

October 2020 continues to see record levels of activity for Greater Vancouver Real Estate.

Increases in real estate sales in Vancouver for October 2020

A total of 3,687 homes were reported sold by the Real Estate Board of Greater Vancouver for October 2020. A 29% increase compared to October 2019. October 2019 had 2,858 sales recorded. Sales also increased by 1.2% compared to last month. September 2020 reported 3,643 sales.

Also 2020 had the 2nd highest October Average. Sales were 34.7% higher than the 10-year average for the month of October.

Greater Vancouver Real Estate had Less New Listings for October 2020

October 2020 had 5,751 homes newly listed. 2020 had more new listings compared to October 2019. October 2019 had 4,074 homes newly listed. 2020 had a 36.7% increase compared to October 2019.

However when compared to September 2020, there were less listings. September 2020 had 6,402 listings. Compared to October 2020, this is 13% less.

Inventory was less compared to September 2020

The Multiple Listing Service® (MLS®) has 12,416 homes currently listed for sale. An increase of 1.5% compared to October of last year. October 2019 had 12,236 homes on the market.

Compared to September this is a 5.2% decrease. September 2020 had 13,096 active listings.

Vancouver Real Estate was in a Seller’s Market for October 2020

All Greater Vancouver real estate products were in a seller’s market for October 2020. The overall sales-to-active listing ratio was 29.7%. Detached homes had a ratio of 30.9%. Townhomes were at 43.5%. Apartments had a ratio of 24.9%.

Townhomes and detached houses have become more desirable to potential buyers. As more people work from home, large spaces become more attractive. However barriers to entry are still quite high for first-time home buyers to get into a detached home or townhouse. Condos continue to be more feasible for first time home buyers.

Detached Homes

Detached housing had 1,335 sales for October 2020. An increase of 42.3% compared to October 2019. October 2019 had 938 detached sales.

Detached homes had a benchmark price of $ 1,523,800. A 1.1% increase compared to September 2020.

Condos

Condos had 1,570 sales compared to October 2020. A 13.4 per cent increase compared to the 1,384 sales in October 2019.

Condos had a benchmark price of $683,500. Compared to September 2020 the benchmark price is almost identical.

Attached Housing

Attached homes sales had a total of 782 for October 2020. A 45.9 per cent increase compared to October 2019. 2019 had 536 sales.

Attached homes had a benchmark price of $813,000. A small 0.4 increase compared to September 2020.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for October 2020.

To see last months blog as well as other posts click here!

Buying and Selling Vancouver Real Estate September 2020

Greater-Vancouver-Real-Estate-September-2020

It was a busy market for Vancouver real estate in September 2020.

September 2020 Vancouver Real Estate Has Record Amount of Sales

A total of 3,643 residential homes sold in Vancouver. The Real Estate Board of Greater Vancouver reported a 56.2% increase in sales for September 2020 compared to September 2019. By comparison to last year, September 2019 had a total of 2,333 sales recorded.

Similarly September 2020 also had more sales than August 2020. The previous month had 3,047 sales.

In addition September 2020 real estate sales beat the 10-year average for Vancouver for the month of September. September 2020 had the highest sales for the month average.

Number of Listings Increased for September

There was also an increase in listings for the month. September 2020 had 6,402 newly listed residential properties for the month. In comparison to September 2019 this was a 31.6% increase. September 2019 had 4,866 homes newly listed on MLS®.

Compared to August 2020 this is a 10.1% increase. August had 5,813 homes listed.

Inventory is Growing

September 2020 had 13,096 active homes listed. This is a 2.3% increase compared to August 2020. August’s total was 12,803.

However this is smaller compared to September of last year. In comparison September 2019 had 13,439 active listings.

September 2020 Vancouver Real Estate was a Seller’s Market

A seller’s market as defined by the real estate board is when the sales-to-active ratio is above 20%. The detached market had a ratio of 28.3%. Similarly condos had a ratio of 24.8%. Finally townhomes had a ratio of 36.1%. Altogether the ratio for all properties was 27.8%.

Detached Sales

September 2020 had a total of 1,317 sales. A 76.8% increase compared to September 2019. The benchmark price for a home in September 2020 was $1,507,500.

The number of sales increased by 1.1% compared to August 2020.

Condo and Apartment Sales

In comparison there were 1,596 sales for apartments. September 2020 surpassed September 2019 by 36.9%. The benchmark price for a condo was $683,500.

Sales decreased by 0.3% compared to August 2020.

Attached Home Sales

Attached properties also surpassed September 2019. Townhouses and Duplexes are some examples of attached homes. September 2020 had 730 attached sales. A 73% increase compared to September 2019. The benchmark price was $809,900.

Sales increased by 0.4% compared to August 2020.

Click here to see the full stats!

Click here to see our other blog posts!

July 2020 Vancouver Real Estate Summer Market Up

July-2020-Vancouver-Real-Estate

The Greater Vancouver real estate market sees a hot summer market for July 2020.

The Real Estate Board of Greater Vancouver Reports Increased Sales for July 2020

Just like the month previously, Vancouver’s real estate market continues to see an increase for July. The Real Estate Board of Greater Vancouver (REBGV) reported a total of 3,128 home sales for July 2020. A 22.3% increase compared to July 2019. July 2019 had a total of 2,557 homes sold. As well as a 28% increase compared to the 2,443 homes that sold June of this year.

The sales for July 2020 were above the 10-year July sales average.

Vancouver Real Estate Sees an Increase of Listings for July 2020

July 2020 had a total of 5,948 new listings on the MLS® system. The number of new listings surpasses July 2019. In comparison, July 2019 had 4,613 homes listed.

Compared to June 2020, July had a 2.8% increase. June 2020 had a total 5,787 homes listed.

Active Listings Continue to Increase Compared to June

Similarly active listings continued to increase for July when compared to June 2020. July 2020’s Vancouver real estate market had a total of 12,083 active listings. Compared to June 2020 this is a 5.8% increase. June 2020 had a total of 11,424 active listings.

Compared to July 2019 this is a 15.1% decrease. July 2019 had a total of 14,240 listings.

A Seller’s Market for all Property Types in Greater Vancouver

Greater Vancouver saw all real estate enter a seller’s market for July 2020. Overall the real estate market had an active to sales ratio of 25.9%. Similarly the ratio for detached homes was 25.1%. Town homes had a ratio of 31.1%. Apartments had a ratio of 24.7%.

The Benchmark Price for Homes in Metro Vancouver sees Slight Increase

The benchmark price for all residential properties in Metro Vancouver was $1,031,400. Compared to July 2019 this is a 4.5% increase. This is a 0.6% increase compared to June 2020.

Detached homes had a benchmark price of $1,477,800. While apartments had a benchmark price of $682,500. Townhouses had a benchmark price of $797,000.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for July 2020!

If you’d like to see last month’s write up, click here.

Photo by Danica Stradecke on Unsplash

What’s the best high school in Burnaby?

Last updated: July 28, 2020

What’s best can definitely be a subjective question: it really depends on what’s important to you as a parent as well as what your child’s aspirations might be. Read more to find how the Fraser Institute rates each high school in British Columbia, as well as their rankings of the Burnaby high schools. You’ll also see the different programs that the Burnaby School Board offers, and how your child can apply to these programs.

Every year the Fraser Institute rates each high school out of 10, and creates a ranking called The Report Card on British Columbia’s Secondary Schools. This ranking is released publicly and can be viewed here. The Report Card helps parents compare schools in BC and facilitates school improvement.

The Report Card critiques BC high schools based on the following seven academic indicators. Then, the indicators are combined to create a weighted average summary. To see how The Report Card is made, and for further details, please visit here.

  1. The average exam mark in the Grade 12 language arts courses which include a mandatory provincial exam.
  2. The percent of Grade 12 language arts mandatory provincial examinations that were failed.
  3. The average difference between the school mark and the exam mark in the courses mentioned above in indicators 1 and 2.
  4. The average difference between female and male students in their exam mark in the school’s most popular grade twelve language arts course.
  5. The rate of graduation.
  6. The delayed advancement rate.
  7. Where there are no gender-gap results because they are either an only-boys or only-girls school, the school versus exam mentioned above in indicator 3 would be weighted higher. Where there is no delayed advancement rate, the graduation rate mentioned in indicator 6 would be weighted higher.

Here are the top Burnaby High Schools based off of The Report Card on British Columbia’s Secondary Schools (2016-2017 Rank)

  1. St. Thomas More Collegiate
    Rank out of BC: 18/251
    https://stthomasmorecollegiate.ca/
    Catholic Private School
    Grades: 8-12
    7450 12th Ave
    Burnaby, BC V3N 2K1
    604-521-1801
    Registration Fee: $175.00
    Tuition for Canadian Residents (2019-2020): $6,950.00
    Grade Fees (Varying by Grade): $215-250
    Technology Fee: $150.00
    Grade 12 Graduation Fee: $250.00
  2. Carver Christian High School
    Rank out of BC: 22/251
    http://carverchristian.org/
    Christian Private School
    Grades: 7-12
    7650 Sapperton Ave
    Burnaby, BC V3N 4E1
    604-523-1580
    Registration Fee: Please contact Carver Christian High School for more details.
  3. Moscrop Secondary
    Rank out of BC: 87/251 (Tied with Burnaby Mountain)
    https://moscrop.burnabyschools.ca/
    Public School
    4433 Moscrop St
    Burnaby, BC V5G 2G3
    604-664-8575
  4. Burnaby Central Secondary
    Rank out of BC: 99/251
    https://central.burnabyschools.ca/
    Public School
    4939 Canada Way
    Burnaby, BC V5G 1M1
    604-664-8542
  5. Cariboo Hill Secondary
    Rank out of BC: 136/251
    https://cariboohill.burnabyschools.ca/
    Public School
    8580 16th Ave
    Burnaby, BC V3N 1S6
    604-664-8568
  6. Burnaby Mountain Secondary
    Rank out of BC: 143/251
    https://mountain.burnabyschools.ca/
    Public School
    8800 Eastlake Dr
    Burnaby, BC V3J 7X5
    604-664-8552
  7. Alpha Secondary
    Rank out of BC: 167/251
    https://alpha.burnabyschools.ca/
    Public School
    4600 Parker St
    Burnaby, BC V5C 3E2
    604-664-8535
  8. Burnaby North Secondary
    Rank out of BC: 189/251
    https://north.burnabyschools.ca/
    Public School
    751 Hammarskjold Dr
    Burnaby, BC V5B 4A1
    604-664-8550
  9. Burnaby South Secondary
    Rank out of BC: 218/251
    https://south.burnabyschools.ca/
    Public School
    5455 Rumble St
    Burnaby, BC V5J 2B7
    604-664-8560
  10. Byrne Creek Secondary
    Rank out of BC: 226/251
    https://byrnecreek.burnabyschools.ca/
    Public School
    7777 18th St
    Burnaby, BC V3N 5E5
    604-664-8299

It’s important to note that Deer Lake School is another Christian private school in Burnaby that was not found on the 2017-2018’s Report Card, but was ranked 11/293 in 2010. For more information about this school please visit here.

French Immersion

The French Immersion program is a program that the Burnaby School Board offers that helps children to gain French as a second language.  Students graduating from the French Immersion program will receive a bilingual designation on their high school diploma; this may help enhance their employment and post-secondary learning opportunities. Please visit the Burnaby Board of Education’s website for more details.

One thing that’s important to note is that the French Immersion program starts in elementary school. More details about the French Immersion Program can be found here.

The following elementaries offer the Early French Immersion Program starting in kindergarten:

  • Aubrey Elementary
  • Brantford Elementary
  • Inman Elementary (K to 3)/ Cascade Heights (4-7)
  • Marlborough Elementary
  • Seaforth Elementary
  • Sperling Elementary
  • Westridge Elementary

The following elementaries offer the Late French Immersion Program starting in Grade 6:

  • Armstrong Elementary
  • Capitol Hill Elementary
  • Marlborough Elementary

Both the early and late programs enter the same Secondary Immersion program in Grade 8 in the following high schools:

  • Cariboo Hill Secondary
  • Moscrop Secondary
  • Alpha Secondary

Burnaby School’s Career Education Program

A program that the Burnaby School District offers is the Career Education Program. This program allows students to build knowledge and skills in a variety of careers and trades programs. Depending on the program, some can lead towards post-secondary credits, industry certifications, apprenticeships, scholarship opportunities and/or the development of portfolios. The programs can help students with post-secondary applications and/or with employment. Further information can be found here.

For some of the trades programs, students can start their apprenticeship and participate in 480 hours of paid work. Students can start to earn qualifications towards becoming a journeyperson. For more information on the Youth Work in Trades program can be found here.

These are some of the options for the Career Education Program:

  • Auto Collision Repair Technician
  • Auto Refinishing Prep Technician
  • Auto Service Technician
  • Baker (Pastry Arts)
  • Carpenter
  • Cisco Networking Academy
  • DigiPen Game Development Academy
  • Film & Broadcast
  • Construction Electrician
  • Graphics/Media Arts
  • Fitness Instructor
  • Health Sciences
  • Hair Stylist
  • Metal Fabricator
  • Tourism and Event Management
  • Microsoft Office Specialist Certification
  • Music Production and Technology
  • Painter and Decorator
  • Pipefitter
  • Palo Alto Cyber Security Academy
  • Professional Cook
  • Plumber
  • Robotics (Mechatronics)

Being in the right home for the right school

To see your home’s school catchment, please visit the School Locator, or talk to your local REALTOR®.

You can also use our map search tools to help find homes close to local schools.

Vancouver Real Estate June 2020 Sees Increased Sales

Vancouver-June-2020-Real-Estate

Vancouver Real Estate for June 2020 sees Increased Movement

June 2020 sees buyers and sellers more active in the real estate market for Vancouver. Home sales and listing activity return to typical historical levels. The Real Estate Board of Greater Vancouver reported that residential sales in the region reached a total of 2,433 in June 2020. Comparing this to last June, this was an increase to June 2019’s 2,077 sales.

Vancouver buyers and sellers are becoming more comfortable moving forward on purchases and sales. This is a huge difference compared to the start of the COVID-19 restrictions. Compared to last month, the numbers of solds have increased from May 2020’s 1,485 homes sold.

June 2020 Vancouver Real Estate Sales-to Listings Ratio

In continuing with the increased sales as mentioned above, it goes without surprise that Vancouver’s overall state is in a seller’s market. For all property types the sales-to-active ratios for June 2020 is 21.4%. Some analysts say upward pressure on home prices can occur when the ratio goes above 20% for several months.

Detached homes had a ratio of 19.9%. Putting detached homes in a high balanced market. Townhomes had a ratio of 25.2%. While condos had a ratio of 21.3%. This means that June 2020 is a seller’s market for attached homes.

Vancouver West’s June 2020 Real Estate Market

Detached

There were a total of 487 active listings for Vancouver West in the month of June. Out of the 487 homes, 78 of them sold. The benchmark price for detached homes was $3,076,700. Detached homes on the Westside had a sales-to-active ratio of 16%. This shows that the detached Westside is in a balanced market. Homes took an average of 58 days to sell.

Condo

Meanwhile on the Westside condo market there were a total of 1,465 active condo listings for the month of June. A total of 282 homes sold. This means that the active-to-list ratio was 19.2%. Showing a high balanced market. The benchmark price for condos was $789,300. Overall condos took an average of 26 days to sell.

Vancouver East’s June 2020 Real Estate Market

Detached

When looking at the Vancouver Eastside real estate market for June 2020, detached homes are in a sellers market. There were a total of 443 active listings and 105 sales. Unlike on the Westside the active-to-sale ratio was 23.7%. Overall the average days on market for detached Eastside homes was 26 days. The benchmark price for detached homes was $1,459,100.

Condos

Similarly condos on the Eastside were also in a seller’s market. June saw a total of 442 active listings and 130 sales. Although condos were in a much higher seller’s market with a ratio of 29.4%. Also similar to the detached market, condos took 26 days to sell. The benchmark price for June was $588,400.

North Burnaby’s June 2020 Real Estate Market

Detached

Also the detached market for North Burnaby was in a seller’s market. This means there was a total of 31 sales and 112 active listings. Bringing the active-to-sold ratio to 27.7%. Overall homes on average took 24 days to sell. The benchmark price for June 2020 was $1,488,200.

Condos

Condos were also in a seller’s market with an active-to-sold ratio of 22.1%. Unlike the detached market homes took longer to sell with the average being 39 days. The condos benchmark price was $605,500. There were a total of 285 listings and 63 sales.

Burnaby South’s June 2020 Real Estate Market

Detached

Unlike Burnaby North, Burnaby South is in a balanced market. There were a total of 165 detached listings and 24 sales. The ratio for actives-to-solds was 14.5%. Homes on average took 32 days to sell. Although the benchmark price of homes was higher compared to Burnaby North. Burnaby South’s benchmark price was $1,559,300.

Condos

Condos in Burnaby South were also in a balanced market. June saw a total of 310 active listings and 57 sales. The days on market average was 35. Condos in South Burnaby also had a higher benchmark price of $670,500 when compared to Burnaby North.

For the June 2020 stats provided by the Real Estate Board of Greater Vancouver click here.

And for last month’s market update click here.

Photo by Himanshu Chanan on Unsplash.

Brentwood Food Truck Festival happening in Burnaby, BC

burnaby-brentwood-food-truck

The Brentwood Great Takeout Food Truck festival is happening in Burnaby, BC. Starting June 20, 2020, Burnaby residents will have access to some amazing eats by local food trucks in the Brentwood area!

Where in Burnaby is the Brentwood Great Takeout Food Truck festival happening?

The Brentwood Great Takeout Food Truck festival will be held at 2150 Alpha Ave, Burnaby. The event will be from 11:00AM to 6:00PM and happen bi-weekly starting June 20th.

Skip the lines and order ahead

A few of the vendors are offering online ordering. Therefore you can order ahead and skip the lines. For instance you can call when you arrive and the vendor will bring the food directly to you.

Next Gen Concessions

Next Gen Concessions provides food stalls across the lower mainland specializing in hot dogs and burgers.

At the Brentwood Great Takeout Food Truck Festival in Burnaby they will be serving Tokyo street dogs, french fries, poutines and jumbo hot dogs. To be sure to skip the lines you can order your meal online from this site. During the event just call upon arrival and one of their staff will bring the food directly to you.

The Trukin’ BBQ

The Trukin’ BBQ will also be at the event serving delicious barbecue meat sandwiches. Their sandwiches include pulled pork and beef brisket. Additionally you can find poutines with barbecued meats on top. There are also other delicious side items like deep fried pickles. In order to see the full menu please click here. If you would like to order ahead of the event please call 778-388-7390 for availability.

Reel Mac and Cheese

Reel Mac and Cheese will also be a the event. This Canadian staple of any food truck event offers delicious gourmet takes on mac and cheese. One of our favorite options is the Godzilla. This is mac and cheese with a Japanese twist. If you’d like to see the full menu, click here. To order ahead please text 604-828-8440.

Rocky Point Ice Cream

Rocky Point Ice Cream will also be at the Brentwood Food Truck Festival in Burnaby. This delicious Port Moody favorite will make the drive to Burnaby and bring their amazing flavors. To order ahead of time please text or call 604-788-1661.

For more information about the Brentwood Food Truck Festival in Burnaby

Additionally if you’d like to find more information regarding the event please visit the Greater Vancouver Food Truck Festival website.

Plus if you haven’t already done so visit our real estate tools to find out which restaurants are in your community.

Where to buy Vancouver Real Estate when going to UBC?

UBC Vancouver Real Estate

If you are looking to purchase real estate in Vancouver for your child or yourself that will be attending UBC (University of British Columbia), there are a few things to consider. While this article does provide information and guidance buying real estate in Vancouver for UBC. It is in no way a substitute for receiving professional legal advice. Meaning it is important to seek independent legal advice before moving forward on a purchase.

Purchasing a home on University/UBC lands in Vancouver West

When considering purchasing real estate in the UBC/University area of Vancouver West, there are two prominent types of ownership available for purchase. These are leasehold and freehold.

Leasehold vs Freehold

There are three types of leasehold: private, public & first nation. For this article we will be focusing on private. Buying a leasehold property, you purchase the rights to live in the home for a limited period of time. For example, in UBC the period of the lease is usually 99 years.

While a freehold interest, the owner has continuous use of the land subject to local bylaws and other restrictions. Freehold interest is also known as a fee simple interest.

For further reading on different types of homes and ownership, please read RECBC’s article on buying a home.

When does a leasehold start?

As mentioned above, leasehold periods for Vancouver Westside real estate in UBC usually has a period of 99 years. However, that does not mean that the 2nd owner of that home will get the full 99 years. As a buyer of a previously owned leasehold property, you are only buying the remainder of the lease. This means that the original owner may have the longest period of 99 years. But any subsequent owners will have a shorter period.

What happens at the end of a leasehold period?

There are renewal options and/or buyout options that are provided in the lease. Therefore it is always advisable to review the lease with a lawyer prior to purchase. Another option would be to have reviewing the lease as a subject in the offer.

The value of leasehold

Leasehold properties can be considered unwise investments. The reason being as time passes the length of the lease decreases. This can sometimes make leasehold properties less desirable.

For further reading, Pazder Law has written an amazing article in regards to leasehold properties.

Is all Vancouver Westside Real Estate Leasehold in UBC?

Map of the University Area in Vancouver West. Source: Real Estate Board of Greater Vancouver

While homes in UBC can be leasehold, not all real estate in the University area of Greater Vancouver is leasehold. There are some homes that are freehold. Working with a REALTOR® can help you determine the property’s ownership.

Click here to view active listings in the UBC area.

Vancouver real estate near transit to go to UBC

Understandably, purchasing real estate in UBC is the first option your mind goes to. But Vancouver has amazing transit options that go directly to UBC. This opens more possibilities for finding homes that could work for future and current UBC students.

99 UBC B-Line

One of the more recognizable routes to go to UBC. This direct bus line travels from Lougheed and Boundary along Broadway all the way to UBC’s bus loop. The 99 B-Line travels through Point Grey, Kitsilano, Fairview, Mount Pleasant, Renfrew and Renfrew Heights. Depending on where you start your route, the ride could be around an hour.

33 UBC

Another bus route that goes directly to UBC is the 33. On the Westside of Vancouver, this bus travels through Point Grey, Dunbar, Kitsilano, Shaughnessy, Fairview and Cambie. While on the East Side of Vancouver the route goes through Main, Fraser, Knight, Victoria, Collingwood and Renfrew Heights. Transit time could be less than an hour.

25 UBC

From the statistics provided by the Real Estate Board of Greater Vancouver, Vancouver prices tend to be higher than Burnaby’s. Burnaby could be a great option if you want to look for something more affordable.

The 25 begins at Brentwood Bay 5 and travels along 22nd and King Edward Ave all the way to UBC. In North Burnaby, the 25 passes through Brentwood Park. In South Burnaby the bus passes through Central Burnaby, Greentree Village and Burnaby Hospital. East Vancouver the route passes through Renfrew Heights, Grandview, Victoria, Collingwood, Knight, Fraser and Main. On the Westside, the route goes through Cambie, Shaughnessy, Quilchena, Arbutus, Mackenzie Heights and Dunbar. Travel time can be longer. The ride may take an hour and fifteen minutes if starting in Burnaby.

The Millenium Line Extension

There are skytrain routes that lead to UBC buses but as of today there aren’t any skytrains that go directly to UBC. The city is planning on adding a train that goes directly to UBC. Although that might not complete for a long time.

Click here to read more about the Millenium line extension.

Buying Vancouver Real Estate for UBC

There are numerous options when buying Vancouver real estate for UBC. Instead of purchasing a leasehold property you may want to consider freehold. Purchasing a home in Vancouver requires a strong team to guide you along the way. You may want to consider hiring a lawyer, mortgage broker and REALTOR®. If you need guidance on where to start, please feel free to contact us! We’re happy to help!

Call 604-719-7684 or email Info@HofVan.com.

May 2020 Sales increase for Greater Vancouver

Greater-Vancouver-May-2020

May 2020 begins to see sellers and buyers feel more comfortable in the real estate market with increased activity.

Activity for May increases compared to April 2020

A total of 1,485 homes sold in May 2020. This shows a 33.9% increase compared to April’s 1,109 sold properties. Sellers and buyers are becoming more comfortable moving forward in the market.

Benchmark Price remains relatively unchanged for May

Although home sales and listing activity is down compared to the 10 year May average, home prices remain steady. The Benchmark Price is based of the estimated sales price of a typical property within each market. April 2020’s benchmark price of homes in Greater Vancouver was $1,036,000. The benchmark price for May 2020 was $1,028,400.

Inventory increases giving buyers more selection

Inventory has decreased since May of last year. However a total of 3,684 detached, attached and apartment properties were listed for sale in Metro Vancouver for May 2020. This is a significant increase of 59.3 per cent compared to April 2020’s 2,313 homes that were listed.

The market remains balanced across all properties

The percentage of sales-to-active listings ratios for all properties in Greater Vancouver was 15%. The detached ratio was 13.5%. Townhouses were at 18.9% and condos were at 14.8%. According to some analysts, downward pressure on home prices occur when the ratio falls below 12% over extended months. While upward pressure can occur when the ratio goes above 20%.

Sales increase in Vancouver & Burnaby

On the Westside of Vancouver, there were a total of 264 sales for May. In April, the Westside had a total of 195 sold homes.

East Side Vancouver sold 165 homes in May, while April’s sales for East Vancouver totaled 120.

Burnaby had a total of 160 sales for the month of May. In the month of April 2020 Burnaby had a total of 107 sales.

To see the full Real Estate Board of Greater Vancouver’s stats package for May 2020, click here!

Click to read our April 2020 market update!

April 2020 Decreases in Sales But Prices Steady

April 2020 Vancouver Burnaby Market Update

After one full month of BC’s shutdown due to the COVID-19 crisis, the numbers for April 2020 may surprise you.

Lower Number of Sales for April Average

According to the latest stats package from the Real Estate Board of Greater Vancouver, the sales for April 2020 was the lowest the month has been in 10 years for the April sales average. This April was 62.7% below the 10-year April sale average. This is the lowest this month has been since 1982.

The number of sales and listings declined. This was not unexpected due to COVID-19.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said.

April 2019 had 586 detached sales recorded. Detached sales for April 2020 totaled 338. A 33.8% decrease compared to the same time last year.

There were a total 503 sales of apartments in April 2020. A 43.2 per cent decrease compared to the 885 sold homes in April 2019.

Attached homes in April 2020 had a total of 218 sold. A 39.1 per cent decrease compared to the 358 sales in April 2019.

Home Prices in April 2020 Remained Balanced

The benchmark price of detached homes was $1,462,100. An increase of 0.8% compared to March 2020.

Apartments had a benchmark price of $685,500. Compared to March 2020 this is a 0.2% decrease.

Attached homes had a benchmark price of $796,800. A 0.6% increase compared to March 2020.

Markets like Burnaby South and East Vancouver actually increased in benchmark pricing.

New Ways to Market your Home

Our goal as REALTORS® is to use the latest technology to market your home safely. Using technology like Matterport allows buyers to virtually walk through the home.

Click to see how we used Matterport to showcase a North Vancouver townhome.

Depending on the home, we also use doll house floor plans to give potential buyers a feel of the house.

Dollhouse Floor Plan provided by Optimum Floor Plans.

Providing buyers with as much information before a showing can helps buyers make informed decisions.

For the latest stats from the Real Estate Board of Greater Vancouver, click here.

Click here to see what happened last month.

March 2020 Starts Strong but Adjusts to The New World

March 2020 Robson Street

According to the Real Estate Board of Greater Vancouver (REBGV), March 2020 home sales increased compared to last month’s.

In February, Metro Vancouver saw a total of 1,727 sales. March sales increased by 17.4 percent, jumping to a total of 2,524 sales.

Last year in March, there were only 1,727 sales. Sales have increased by 46.1% when compared to last year.

Multiple offers were more common March 2020

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” said Ashley Smith, REBGV president.

It was not uncommon to see homes sell above list price, giving more purchasing power to sellers.

Condos, single-family homes and attached properties were all in a seller’s market for the month of March.

Compared to March of last year, the detached market increased by 61.1%. Condos in Greater Vancouver increased by 35.1%. March 2020 attached sales increased by 51.7% when compared to last year.

The Effects of COVID-19 towards the end of March 2020

REALTORS® were named an essential service by the Minister of Public Safety and Solicitor General.

During this crisis no open houses are allowed, this is to help with the prevention of the Coronavirus. Although business is still open for agents, this is not business as usual.

Sales saw a decrease for the last few weeks of March 2020

The number of Daily residential sales for the first ten business days of March were 138 on average. In the final ten business days of March 2020, the daily average declined to 93 sales. We’ll have to wait and see the effects of COVID-19.

To see the latest statistics for March 2020 from the Real Estate Board of Greater Vancouver, please click here.

Check out our blog post regarding the Coronavirus (COVID-19).

Special thanks to Tomas Williams for the beautiful photo of Robson.