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Greater Vancouver Monthly Market Report

Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.

METRO VANCOUVER MARKET HIGHLIGHTS
DECEMBER 2020
DETACHED
Active Listings:
2,913
Sales:
1,026
Benchmark Price:
$1,554,600
Avg. Days On Market:
50
TOWNHOUSE
Active Listings:
1,176
Sales:
593
Benchmark Price:
$813,900
Avg. Days On Market:
32
APARTMENT
Active Listings:
4,449
Sales:
1,474
Benchmark Price:
$676,500
Avg. Days On Market:
40

Metro Vancouver housing market shows resilience in 2020

2019  25,351  Sold
2020  30,944  Sold
(+22.1%)
 
Residential property sales in Metro Vancouver

Strong December activity brought Metro Vancouver’s* 2020 home sales total in line with the region’s long-term annual average.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, and a 25.7 per cent increase from the 24,619 homes sold in 2018.

Last year’s sales total was 2.8 per cent below the 10-year sales average.

"When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify. The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs."
Colette Gerber, REBGV Chair

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 per cent increase compared to the 51,918 homes listed in 2019 and a 1.3 per cent increase compared to the 53,614 homes listed in 2018.

Last year’s listings total was 2.7 per cent below the region’s 10-year average.

“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons," Gerber said. "Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,047,400. This is a 5.4 per cent increase compared to December 2019.

The benchmark price for apartments increased 2.6 per cent in the region last year. Townhomes increased 4.9 per cent and detached homes increased 10.2 per cent.

December Summary

December 2019    2,016  Sold
December 2020    3,093  Sold
(+53.4%)
 
Residential property sales in Metro Vancouver

REBGV reports that residential home sales in the region totalled 3,093 in December 2020, a 53.4 per cent increase from the 2,016 sales recorded in December 2019, and a 0.9 per cent increase from the 3,064 homes sold in November 2020.

Last month’s sales were 57.7 per cent above the 10-year December sales average and is the highest total for the month on record.

"Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic."
Colette Gerber, REBGV Chair

There were 2,409 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2020. This represents a 51.7 per cent increase compared to the 1,588 homes listed in December 2019 and a 40.8 per cent decrease compared to November 2020 when 4,068 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,538, a 0.8 per cent decrease compared to December 2019 (8,603) and a 23.2 per cent decrease compared to November 2020 (11,118).

For all property types, the sales-to-active listings ratio for December 2020 is 36.2 per cent. By property type, the ratio is 35.2 per cent for detached homes, 50.4 per cent for townhomes, and 33.1 per cent for apartments.

Sales-to-active listings ratio - December 2020
Detached homes
35.2%
Townhomes
50.4%
Condominiums
33.1%
Total 36.2%

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 per cent over several months.

Sales of detached homes in December 2020 reached 1,026, a 71.3 per cent increase from the 599 detached sales recorded in December 2019. The benchmark price for detached homes is $1,554,600. This represents a 10.2 per cent increase from December 2019 and a one per cent increase compared to November 2020.

Sales of apartment homes reached 1,474 in December 2020, a 40 per cent increase compared to the 1,053 sales in December 2019. The benchmark price of an apartment property is $676,500. This represents a 2.6 per cent increase from December 2019 and is unchanged from November 2020.

Attached home sales in December 2020 totalled 593, a 62.9 per cent increase compared to the 364 sales in December 2019. The benchmark price of an attached home is $813,900. This represents a 4.9 per cent increase from December 2019 and a 0.1 per cent decrease compared to November 2020.


* Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

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Record-shattering December caps unexpected year in Fraser Valley real estate

SURREY, BC – In a year when the real estate market was at a standstill for months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4 per cent above the 10-year average due to unrelenting, pent-up consumer demand during the second half of 2020.

In December, the Board’s Multiple Listing Service® (MLS®) processed a staggering 2,086 sales, the strongest December on record and 81.2 per cent above normal for the month. New listings in December, were the second highest on record at 1,502. By month’s end, active inventory finished below typical levels, at 3,949 units.

The total sales volume for the year in Fraser Valley was 19,926; an increase of 28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for annual sales since 2011.

In 2020, sales of the three main residential property types were as follows: 8,176 single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year, sales of detached soared by 41.7 per cent compared to 2019; townhome sales increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.

Chris Shields, President of the Board, observes, “The pandemic upended everything in 2020 and how the real estate market responded to it was nothing short of remarkable. No one could have anticipated a six-month stretch like we’ve just experienced. Typical seasonal cycles did not apply, how we conduct business had to change to keep the public safe; and most unexpected, has been the unwavering demand for family-sized homes in our region and so far, there is no sign of it slowing down.”

A total of 31,693 new listings were received by the Board’s MLS® in 2020, an increase of 3.7 per cent compared to 2019. As with annual sales, 2020 saw the fourth highest volume of new inventory for the Board in the last decade.

Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes appear healthy, our region’s current overall inventory is 28 per cent below normal. For those who have been thinking of selling but have held off due to the pandemic, the industry has mastered how to keep consumers safe using technology and strictly following provincial health guidelines. Ask your REALTOR® if now is a prudent time to list because the market currently is favouring sellers.”

MLS® HPI Benchmark Price Activity 

  • Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019.
  • Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019.
  • Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019.

Find the December Statistics Package here.

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Open House Directory - REALSearch.ca  
Please feel free to visit this Open House at 51 6533 121 ST in Surrey.
Open House on Saturday, February 1, 2020 2:00PM - 4:00PM
Welcome to STONEBRIAR This 2 Bedroom 2 Bathroom 1270 Sq Ft Townhouse is located in a quiet well maintained complex. Nice open living space that features a cozy gas fireplace & crown moulding. Very bright & spacious Kitchen / family room area with lots of room, perfect for entertaining guests, and great access to the large fully fenced outdoor patio & garden area. You will love the 2 King size bedrooms and a 3 piece ensuite off the master. This home also features a good size double tandem garage for 2 cars & storage, a built-in vacuum and alarm system. All this, situated in a great location walking distance to Sunshine Hills Shopping Center, grocery store, spas, restaurants, and Watershed hiking trails. Quick & Easy access to Alex Fraser Bridge or Hwy 99. Book your appointment to view.
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Open House Directory - REALSearch.ca  
Please feel free to visit this Open House at 110 20897 57 AVE in Langley.
Open House on Saturday, January 25, 2020 1:00PM - 3:00PM
Welcome to Arbor Lane! This bright & spacious 2 bed|2 bath|1,029 sq. ft. condo features a very desirable open-concept layout with bedrooms on opposite sides of living space and 9 ft ceilings. Cozy gas fireplace that is included in maintenance fees & oversize windows allow plenty of natural light. Newly renovated kitchen, with Quartz countertops & modern backsplash, opens to the living room by way of a well designed bar/eating area. BONUS: Large laundry room has EXTRA storage space. Private covered balcony facing mountain view with plenty of room is perfect for year round BBQing. This above ground first level condo is located in a quiet well-maintained building with secure underground parking and ample visitor parking. Great amenity room with stairs leading to nicely landscaped outdoor area. Close proximity to Kwantlen University, Ice Arena, park, grocery store, restaurants & transit.
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Open House Directory - REALSearch.ca  
Please feel free to visit this Open House at 110 20897 57 AVE in Langley.
Open House on Sunday, January 26, 2020 1:00PM - 3:00PM
Welcome to Arbor Lane! This bright & spacious 2 bed|2 bath|1,029 sq. ft. condo features a very desirable open-concept layout with bedrooms on opposite sides of living space and 9 ft ceilings. Cozy gas fireplace that is included in maintenance fees & oversize windows allow plenty of natural light. Newly renovated kitchen, with Quartz countertops & modern backsplash, opens to the living room by way of a well designed bar/eating area. BONUS: Large laundry room has EXTRA storage space. Private covered balcony facing mountain view with plenty of room is perfect for year round BBQing. This above ground first level condo is located in a quiet well-maintained building with secure underground parking and ample visitor parking. Great amenity room with stairs leading to nicely landscaped outdoor area. Close proximity to Kwantlen University, Ice Arena, park, grocery store, restaurants & transit.
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Open House Directory - REALSearch.ca  
Please feel free to visit this Open House at 20897 57 AVE in Langley.
OPEN HOUSE: Saturday & Sunday 1 - 3 PM
We will be launching this New Listing Jan 23. Spacious 2 bed / 2 bath open-concept floor plan with approx 9ft ceilings in a quiet well-maintained building. This above ground first level condo, with approx 1029 sqft, offers tile & laminate flooring throughout. Along with very recently updated s/steel appls, the large kitchen opens to the living room by way of a well designed bar-eating area. The gas fireplace, included in the strata fee, is a nice addition to the cozy feeling this home offers. Large covered balcony is perfect for year-round BBQing and even though this unit already comes with a storage locker, the extra large laundry room has ample storage space as well. Walking distance to Ice Arena, grocery store, shops, restaurants, Kwantlen & bus stop.
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Open House Directory - REALSearch.ca  
Please feel free to visit this Open House at 2346 CLARKE DR in Abbotsford.
Open House on Sunday, November 10, 2019 2:00PM - 4:00PM
WOW! 2 Storey w/Basement 6 Bdrm | 2 Den | 3 Bath home in a great family oriented neighborhood. This 3000sf renovated home has it all! Very bright & spacious living room features real hardwood, live edge FP Mantle & coved ceilings giving it a dramatic flair. Country Style Kitchen with eating area & large windows overlooking the backyard. Large Master Bdrm on the main floor, 2nd bdrm & tastefully updated 4pce bath. Upstairs has 2 large bdrms & 4pce bath. Spacious basement area with open rec room featuring a wetbar & pot lighting thru-out. Bsmt includes 2 bdrms + 2 den (1 with window), both bdrms have their own built in desk. With separate entrance & full bath, this is a perfect layout for hosting International students. Mature landscaping with spectacular old growth tree in front yard, fully fenced private back yard with patio, garden & play area. Great family home centrally located & only short walk to trendy Historic Downtown Abby & Farmers Market. Close to schools shopping & transit. Open House Nov 10 Sun 2-4
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.