June 2020 Month End Sales & Listings Stats
We have moved into Phase 3 of the British Columbia COVID-19 Restart Plan which will allow for more businesses to open up, movement around the province and improvement in economic conditions. In looking at home sales in June, the real estate market had already moved into its next phase as June began with buyers and seller having become more engaged in real estate. With limited showing measures and the continued focus on virtual means as a way to be introduced to homes for sale, week by week in June home sales kept increasing. There appears to be a renewed fever in the market, with market conditions coming close to resembling those seen at the beginning of March, pre COVID. And as the incidence for COVID-19 continue to be the lowest in Canada and in North America, there will be a positive energy that carries through the region and into real estate. And as the lyrics go from a song released in 1990 – don’t call it a comeback, I’ve been here for years. We shouldn’t be surprised by the resiliency of Metro Vancouver’s real estate market.
There were 2,497 homes sold of all types in Greater Vancouver in June this year compared with 1,506 homes sold in May, 1,119 in April, 2,098 sales in June last year and 2,467 homes sold in June 2018. It was actually the fifth highest amount of sales for a month going back to May 2018. To me that’s improvement and a sign of a real estate market that wants to move – literally. Pent up demand continues to be a factor in the recovery of Metro Vancouver’s real estate market. And realistically, the market can’t be kept down. Two of the slowest years in activity that we’ve seen have put pressure on market activity to increase. In the first half of 2019 there were 10,992 homes sold and in the first half of 2020 there were 11,471 homes sold. That is fairly significant considering half of that period this year was in the midst of a global pandemic.
2020 Average Daily Sales in Greater Vancouver by Week in COVID times:
First two weeks of March – 253 new listings, 138 sales
Last two week of March – 167 New Listings, 98 Sales
April – 120 new listings, 56 sales
May – 189 new listings, 75 sales
June 1 to 5 – 271 new listings, 88 sales
June 8 to 12 – 272 new listings, 107 sales
June 15 to 19 – 274 new listings, 120 sales
June 22 to 26 – 241 new listings, 129 sales
Some highlights from June:
The move to houses is showing a sign of a trend in Metro Vancouver – North Vancouver house sales were the highest by month in that region in 2020 with 84, compared with 71 and 69 in February and March respectively
There are 3 months supply of houses and townhouses in North Vancouver – into a seller’s market with sales of condos in June up 100 per cent compared to May – don’t count out the condo market
There are 3 months supply of houses, and 2 months supply of townhouses and condos in Port Coquitlam – firmly into a seller’s market
There were 43 per cent more houses sold in West Vancouver in June compared to the same month last year with the average price up 23 per cent from last month
Sales and new listings in Richmond were at the same levels as June last year while other areas saw increases in both but condo sales in June were 113 per cent higher than May – again, those condos are still in demand
Once again there was an increase in the number of homes available in Greater Vancouver in June. At the end of June there were 12,145 homes for sale, compared to 10,771 at the end of May but still less than the 15,770 available at the end of June 2019 – a 23 per cent reduction in the number of homes available year-over-year. At the end of May there were 30 per cent less homes available compared to the previous year. More choice is available, but that’s also helping to create more home sales. Even with the increase in the number of homes available, it is significantly below the 15,342 average that we’ve seen for the month of June going back to 1995. It would be the expectation that after the halting of market activity starting mid-March there would be a sudden increase in homes coming on the market, but yet there is still a shortage or homes available.
Predicting Metro Vancouver’s real estate market has long been a fascination of many. Dire predictions make the rounds, but it’s been clear the strength of the market has prevailed. Of course there are economic storm winds ahead, and unknowns as to which path COVID-19 will take but we live in a pretty amazing place and the course of what has happened over the last 4 months is being noticed by many around the world. Our region has and continues to be a safe place to be. Property will always be an investment vehicle, home ownership will always be sought after and with each day, British Columbia continues to shine in the eyes of the world. And while logic would suggest one type of property or area that allows for more separation or that is less densely populated will draw significant activity, every property type and location is unique and will likely perform in ways many wouldn’t have anticipated. Far be it from Metro Vancouver real estate to follow predictability – it always has a surprise up its sleeve.
“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” Colette Gerber, REBGV Chair said, “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”
East of Vancouver, the Fraser Valley Real Estate Board processed 1,718 sales of all property types on its Multiple Listing Service® in June, an increase of 113 per cent compared to sales in May and a 32 per cent increase compared to the 1,306 sales in June of last year. Last month’s sales were 6.4 per cent below the ten-year average for June. There were 3,456 new listings in June, a 57 per cent increase compared to May and a 23 per cent decrease compared to June of last year. May finished with 7,063 active listings, an increase of 9 per cent compared to May’s inventory and a decrease of 17 per cent year-over-year. “It’s due to a combination of factors. Obviously, very low interest rates, pent-up demand from the previous three months when the market was on hold and the new CMHC rules that came into effect on July 1st making it harder to qualify for the mortgage insurance.” Chris Shields, President of the Fraser Valley Real Estate Board said. “We can’t predict how our market will continue to respond during COVID, but what we do know is that historically, over 80 per cent of Fraser Valley buyers move within our region and half purchase within their own community. People buy and sell for lifestyle reasons and currently, even during this uncertain time, conditions are favourable. The market is balanced, inventory is growing, and prices remain stable.”
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in June was 2,497 – up from 1,506 (66%) in May 2020, up from 2,098 (19%) in June 2019, up from 2,467 (1%) in June 2018; Active Listings are at 12,146 compared to 15,770 (down 23%) at this time last year; New Listings in June were up 57% compared to May 2020, up 22% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 42% compared to 40% in May 2020, 43% in June 2019 and 45% in June 2018.
Vancouver Westside Residential: Total Units Sold in June was 409 – up from 264 (55%) in May 2020, up from 355 (15%) in June 2019, down from 458 (11%) in June 2018; Active Listings are at 2,229 compared to 2,779 (down 20%) at this time last year; New Listings in June were up 57% compared to May 2020, up 31% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 35% compared to 36% in May 2020, 40% in June 2019 and 47% in June 2018.
Vancouver East Side Residential: Total Units Sold in June was 280 – up from 167 (68%) in May 2020, up from 215 (30%) in June 2019, down from 282 (1%) in June 2018; Active Listings are at 1,071 compared to 1,435 (down 25%) at this time last year; New Listings in June were up 68% compared to May 2020, up 35% compared to June 2019 and up 5% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 43% compared to 43% in May 2020, 44% in June 2019 and 45% in June 2018.
North Vancouver Residential: Total Units Sold in June was 239 – up from 136 (76%) in May 2020, up from 202 (18%) in June 2019, up from 199 (20%) in June 2018; Active Listings are at 815 compared to 1,030 (down 21%) at this time last year; New Listings in June were up 58% compared to May 2020, up 28% compared to June 2019 and up 27% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Mostly Seller’s Market conditions) and a Sales to Listings Ratio of 45% compared to 40% in May 2020, 49% in June 2019 and 48% in June 2018.
West Vancouver: Total Units Sold in June was 62 – up from 43 (44%) in May 2020, up from 43 (44%) in June 2019, up from 54 (15%) in June 2018; Active Listings are at 611 compared to 764 (down 20%) at this time last year; New Listings in June were up 55% compared to May 2020, up 23% compared to June 2019 and down 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 10 Month’s Supply (Buyer’s Market conditions) and a Sales to Listings Ratio of 28% compared to 30% in May 2020, 24% in June 2019 and 23% in June 2018.
Richmond Residential: Total Units Sold in June was 272 – up from 152 (79%) in May 2020, up from 270 (1%) in June 2019, down from 308 (12%) in June 2018; Active Listings are at 1,599 compared to 2,369 (down 33%) at this time last year; New Listings in June were up 54% compared to May 2020, the same amount as June 2019 and down 10% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market conditions with some multiple offers occurring) and a Sales to Listings Ratio of 43% compared to 37% in May 2020, 43% in June 2019 and 44% in June 2018.
Burnaby East: Total Units Sold in June was 21 – up from 18 (17%) in May 2020, up from 19 (11%) in June 2019, down from 26 (19%) in June 2018; Active Listings are at 131 compared to 161 (down 19%) at this time last year; New Listings in June were up 35% compared to May 2020, up 16% compared to June 2019 and up 16% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 36% compared to 42% in May 2020, 38% in June 2019 and 52% in June 2018.
Burnaby North: Total Units Sold in June was 107 – up from 79 (35%) in May 2020, up from 100 (7%) in June 2019, 107 in June 2018; Active Listings are at 490 compared to 670 (down 27%) at this time last year; New Listings in June were up 75% compared to May 2020, up 19% compared to June 2019 and up 7% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 39% compared to 50% in May 2020, 43% in June 2019 and 41% in June 2018.
Burnaby South: Total Units Sold in June was 93 – up from 64 (45%) in May 2020, down from 121 (23%) in June 2019, down from 121 (23%) in June 2018; Active Listings are at 562 compared to 872 (down 36%) at this time last year; New Listings in June were up 123% compared to May 2020, up 8% compared to June 2019 and up 17% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 32% compared to 50% in May 2020, 45% in June 2019 and 49% in June 2018.
New Westminster: Total Units Sold in June was 97 – up from 73 (33%) in May 2020, 97 in June 2019, down from 141 (31%) in June 2018; Active Listings are at 454 compared to 577 (down 21%) at this time last year; New Listings in June were up 67% compared to May 2020, up 29% compared to June 2019 and up 12% compared to June 2018. Month’s Supply of Total Residential Listings is at 5 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 37% compared to 47% in May 2020, 48% in June 2019 and 61% in June 2018.
Coquitlam: Total Units Sold in June was 216 – up from 132 (64%) in May 2020, up from 177 (22%) in June 2019, up from 178 (21%) in June 2018; Active Listings are at 856 compared to 1,159 (down 26%) at this time last year; New Listings in June were up 24% compared to May 2020, up 17% compared to June 2019 and the same compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 48% compared to 36% in May 2020, 46% in June 2019 and 40% in June 2018.
Port Moody: Total Units Sold in June was 59 – up from 46 (28%) in May 2020, up from 42 (40%) in June 2019, up from 48 (23%) in June 2018; Active Listings are at 256 compared to 266 (down 4%) at this time last year; New Listings in June were up 53% compared to May 2020, up 68% compared to June 2019 and up 22% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 40% compared to 47% in May 2020, 48% in June 2019 and 40% in June 2018.
Port Coquitlam: Total Units Sold in June was 91 – up from 60 (52%) in May 2020, up from 77 (18%) in June 2019, down from 108 (16%) in June 2018; Active Listings are at 228 compared to 381 (down 40%) at this time last year; New Listings in June were up 85% compared to May 2020, down 4% compared to June 2019 and down 2% compared to June 2018. Month’s Supply of Total Residential Listings is at 3 Month’s Supply (Balanced Market with mostly Seller’s Market conditions) and a Sales to Listings Ratio of 54% compared to 66% in May 2020, 44% in June 2019 and 50% in June 2018.
Ladner: Total Units Sold in June was 38 – up from 20 (90%) in May 2020, up from 29 (31%) in June 2019, the same as in June 2018; Active Listings are at 154 compared to 207 (down 26%) at this time last year; New Listings in June were up 27% compared to May 2020, down 13% compared to June 2019 and down 14% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 62% compared to 42% in May 2020, 47% in June 2019 and 54% in June 2018.
Tsawwassen: Total Units Sold in June was 48 – up from 35 (37%) in May 2020, up from 35 (37%) in June 2019, up from 42 (14%) in June 2018; Active Listings are at 270 compared to 310 (down 13%) at this time last year; New Listings in June were up 33% compared to May 2020, up 47% compared to June 2019 and up 66% compared to June 2018. Month’s Supply of Total Residential Listings is at 6 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 41% compared to 40% in May 2020, 44% in June 2019 and 60% in June 2018.
Pitt Meadows: Total Units Sold in June was 28 – up from 23 (22%) in May 2020, up from 24 (16%) in June 2019, up from 24 (16%) in June 2018; Active Listings are at 107 compared to 130 (down 17%) at this time last year; New Listings in June were up 57% compared to May 2020, up 14% compared to June 2019 and up 9% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 51% compared to 47% in May 2020, 51% in June 2019 and 40% in June 2018.
Maple Ridge: Total Units Sold in June was 189 – up from 111 (70%) in May 2020, up from 132 (43%) in June 2019, up from 136 (39%) in June 2018; Active Listings are at 671 compared to 868 (down 22%) at this time last year; New Listings in June were up 61% compared to May 2020, up 15% compared to June 2019 and up 19% compared to June 2018. Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Balanced Market with some Seller’s Market conditions) and a Sales to Listings Ratio of 57% compared to 54% in May 2020, 46% in June 2019 and 48% in June 2018.