Strong December activity brought Metro Vancouver’s annual home sales totals in line with the regions long term average. That however, only tells part of the story for 2020. Taking a closer look REALTORS® registered 30,944 homes on MLS® in 2020. That’s a +22% increase from 2019, and about -2.8% below the 10 year average.
As we all know, however, 2020 was far from an average year. When the pandemic began in March the housing market came to a near standstill. But we knew then that shelter needs do not go away in times of crisis, they intensify.
The real estate community worked closely with our regulatory bodies of 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. After adapting the COVID-19 environment local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons.
On the listing side we saw 54,305 listed for sale in 2020. That’s +4.6% increase compared to 2019 and -2.7% below the regions 10 year average.
We ended the year with December home sales reaching an all-time record with 3, 093 sales. Having such robust demand in what is traditionally the quietest month of the year was part of an unusual seasonal pattern the market followed in 2020 which can be attributed in large part to the pandemic.
We concluded the year with a Benchmark Price – MLS® HPI for all housing types in Metro Vancouver at 1,047,400. A +5.4% increase over 2019. By property type we saw apartment prices increase +2.6% in the region last year. Townhomes increased by +4.9% and Detached Homes lead the way increasing +10.2%.
Shifting house needs and low interest rates were key drivers of home buyer and seller activity in 2020. Looking ahead the supply of homes will be among the critical factors that determines home prices trends in 2021.
(Source of text: Real Estate Board of Greater Vancouver)
For more in depth market info for West Vancouver and or North Vancouver reach out to: [email protected]