Aug. 14, 2020
Greater Vancouver Real Estate Market Overview
There were 3,202 properties sold of all types in Greater Vancouver in July this year compared with 2,497 sold in June, 2,584 sales in July last year and 2,108 sold in July 2018. It was actually the seventh highest amount of sales for the month of July on record and the highest monthly sales amount since June 2017.
Total home sales in July were 14 per cent above the ten-year average for the month and July saw the continued increase in the number of sales, week by week since the pandemic took hold. Looking at the different types of homes, detached home sales were up 33 per cent year over year, townhouses up 28 per cent year over year, apartments up 12 per cent year over year. Buyers have shown more interest in real estate with space over the last few months, but that doesn’t necessarily mean condos aren’t getting interest. We are still seeing multiple offers with them, with even the higher end of the condo market starting to see sales occurring where they had been absent in the previous months.
It's difficult to know how Covid-19 will affect the future real estate market as there are so many unknowns. But currently, the low mortgage rates, pent up demand from the last two years and peoples desire to update their housing options, has created a robust market.