VANCOUVER — Home sales across Metro Vancouver and the Fraser Valley reached levels far above what’s typically seen in July, according to data released Wednesday morning by two professional associations of realtors who monitor and analyze market trends.
The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in July 2020 totalled 3,128, a 28 per cent increase from the previous month, and a 22.3 per cent increase from July 2019.
“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market through the year,” said REBGV Chair Colette Gerber in a news release.
The Fraser Valley Real Estate Board (FVREB) reported 2,100 residential sales in July 2020, a 22.2 percent increase from the previous month, and up 44 per cent compared to July 2019.
Both boards indicated that low interest rates and limited overall supply in some areas are increasing competition and putting upward pressure on home prices.
In Greater Vancouver, July 2020 sales were 9.4 per cent above the 10-year July sales average.
In the Fraser Valley, sales were 25.5 per cent above the 10-year average for the month, making it the second-highest number of property sales ever recorded in July.
Chris Shields, president of the Fraser Valley Real Estate Board, called it a seller’s market for townhomes and single-family homes.
“For every 100 active detached listings (in North Delta, Cloverdale, Langley, Abbotsford, and Mission),” Shields said in a news release, “40 or more sold in July.”
Shields also said the housing market is “significantly ahead” of what was anticipated, given the pandemic.
In Greater Vancouver, the benchmark price for detached homes is now $1,477,800, up 5 per cent from July 2019, while attached homes climbed 3.7 per cent year-over-year, and apartments 4.2 per cent.
In the Fraser Valley, the benchmark price for a single-family detached home is $1,008,000, up 5.3 per cent year-over-year, with attached home prices climbing 3.3 per cent, and apartments 3.8 per cent.
