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COVID-19 pushes Metro Vancouver home sales to lowest level since 1982: REBGV

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place."
Photo by Rob Kruyt/BIV

Metro Vancouver home sales in April were the lowest total for the month since 1982, according to new data from the Real Estate Board of Greater Vancouver (REBGV).

They were also 63% lower than the 10-year sales average for the month - a direct result, said the board, of social distancing due to the COVID-19 pandemic.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting.”

According to Gerber, this adaptation is coming in the form of “using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically.”

Across the region, 1,109 homes changed hands last month. This is a 39.4% drop year-over-year and a 56.1% decline compared with March 2020.

The number of new listings for all residential property types was 2,313 in April, which is a 59.7% drop compared with April 2019 and a 47.9% decline compared with March 2020, when 4.436 homes were listed.

The benchmark price for all homes across the region is $1,036,000. This represents a 2.5 per cent increase.

“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said.

A total of 388 detached homes sold in April, which is 33.8% lower than the 586 homes of this type sold in April 2019. The benchmark price for detached homes is $1,462,100 - up 2.3% year-over-year.

In April 2020, 503 apartments were sold, which is 43.2% lower than the 885 homes sold in the same month last year. The benchmark price for apartments is $685,500, up 2.7% from April 2019.

For attached homes, sales reached 218 - a 39.1% decline year-over-year. The benchmark price was $796,800 - up 2.8% compared with the same month last year.

REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.