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Market Surges in September!

Courtesy of REBGV
By Unknown

VANCOUVER, BC – October 2, 2020 – Home sale and new listing activity reached record
levels in Metro Vancouver* in September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 3,643 in September 2020, a 56.2 per cent increase from the 2,333 sales recorded
in September 2019, and a 19.6 per cent increase from the 3,047 homes sold in August 2020.
Last month’s sales were 44.8 per cent above the 10-year September sales average and is the
highest total on record for the month.
“We've seen robust home sale and listing activity across Metro Vancouver throughout the
summer months," Colette Gerber, REBGV Chair said. "This increased activity can be attributed,
in part, to lower interest rates and changing housing needs during the COVID-19 pandemic."
There were 6,402 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2020. This represents a
31.6 per cent increase compared to the 4,866 homes listed in September 2019 and a 10.1 per cent
increase compared to August 2020 when 5,813 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
13,096, a 2.6 per cent decrease compared to September 2019 (13,439) and a 2.3 per cent increase compared to August 2020 (12,803).
"While the pace of new MLS® listings entering the market is increasing, the heightened demand
from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward
pressure on home prices, which have been edging up since the spring."

For all property types, the sales-to-active listings ratio for September 2020 is 27.8 per cent.

By property type, the ratio is 28.3 per cent for detached homes, 36.1 per cent for townhomes, and
24.8 per cent for apartments...for full article/Stats see 'Realty Resources'- Your Area Update'

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