June 2020 Market Insights | REBGV

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic.

REBGV Chair Colette Gerber walks you through the June numbers for the Metro Vancouver housing market.


Here's the Cole's notes:

Home buyer and seller activity has gradually increased in each month of the COVID19 pandemic.

In June, home sale and listing activity in Metro Vancouver turned to more historical levels.

On the demand side, Realtors registered more than 2,400 home
sales (2,443) for the month of June. This is up +65% from the previous month (May 2020) and an +18% increase from Year-over-Year (June 2019). 

For Home Seller's supply, we say 5,787 New Listings in the month of June 2020.  This is a +57% increase from the previous month (May 2020), and a +22% increase compared to last year (June 2019).

This brings a total of 11,424 Active Listings in June 2020. 

Buyers and Sellers are becoming more comfortable to operating until new showing protocols.

To better understand the balance of supply and demand in our market, we refer to the Sales to Active Listings Ratio, the balance is of course is what determines our price fluctuations.

When this ratio dips below 12% for sustained period, prices typically decline.

When this ratio surpasses 20% for sustained periods, prices typical increase. 

Right now, the ratio is 21%, which puts us on the border between a Balanced-to-Sellers' Market. 

While demand declined during the beginning of the physical distancing period (mid-March 2020), so did supply.  This kept supply and demand in relative alignment which allowed prices to remain stable.  

The benchmark price for all housing types in Metro Vancouver is $1,025,300. This is a +3.5% increase Year-over-year  (June 2019).