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New Westminster Market Update for September 2020


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Burnaby South Market Update for September 2020


09 2020 burnaby south



October News Flash


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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.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,041,300. This represents a 5.8 per cent increase over September 2019, and a 0.3 per cent increase compared to August 2020.

Sales of detached homes in September 2020 reached 1,317, a 76.8 per cent increase from the 745 detached sales recorded in September 2019. The benchmark price for detached properties is $1,507,500. This represents a 7.8 per cent increase from September 2019 and a 1.1 per cent increase compared to August 2020.

Sales of apartment homes reached 1,596 in September 2020, a 36.9 per cent increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment property is $683,500. This represents a 4.5 per cent increase from September 2019 and a 0.3 per cent decrease compared to August 2020.

Attached home sales in September 2020 totalled 730, a 73 per cent increase compared to the 422 sales in September 2019. The benchmark price of an attached unit is $809,900. This represents a 5.2 per cent increase from September 2019 and a 0.4 per cent increase compared to August 2020.



Recently Sold Listing 411 - 6745 Station Hill Court, Burnaby, BC


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New Listing 411 - 6745 Station Hill Court, Burnaby, BC


R2499517 - 411 - 6745 Station Hill Court, Burnaby, BC, CANADAView my new listing for sale SOLD at 411 - 6745 Station Hill Court, Burnaby and currently listed at $669,000.SOLD

Welcome to the SaltSpring! Top floor corner unit, 2-bedroom with den/flex room, 2-bathrooms, 2-balconies, 2-parking stalls, 1 storage locker. This unit has an open floor plan that includes a large kitchen and master bedroom that can host house size furniture. Newer appliances, flooring and light fixtures. The bedrooms are on opposite ends allowing for privacy. Building is well maintained and is evident by the work of its proactive strata council and management company. Pet-friendly in a tranquil green cul-de-sac location. Mins to hiking trails, bus stops, daycare centre, and skytrain station. School catchment: Byrne Creek Secondary, Stride Ave and Taylor Park Elementary. Don't pass this one by!

See the Pixilink 360° Virtual Tour for this listing

September News Flash


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Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August 2020, a 36.6 per cent increase from the 2,231 sales recorded in August 2019, and a 2.6 per cent decrease from the 3,128 homes sold in July 2020. 

Last month’s sales were 19.9 per cent above the 10-year August sales average. 

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer,” Colette Gerber, REBGV Chair said. “Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.” 

There were 5,813 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2020. This represents a 55.1 per cent increase compared to the 3,747 homes listed in August 2019 and a 2.3 per cent decrease compared to July 2020 when 5,948 homes were listed. 

This was 34.8 per cent above the 10-year August new listings average. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,803, a 4.4 per cent decrease compared to August 2019 (13,396) and a six per cent increase compared to July 2020 (12,083). 

For all property types, the sales-to-active listings ratio for August 2020 is 23.8 per cent. By property type, the ratio is 23.7 per cent for detached homes, 30.5 per cent for townhomes, and 21.6 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Gerber said. “Your local REALTOR® can help you navigate today’s market and ensure that the latest public health requirements are followed at every step of the process. Above all, safety has to remain our top priority during this pandemic.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3 per cent increase over August 2019 and a 0.7 per cent increase compared to July 2020. 

Sales of detached homes in August 2020 reached 1,095, a 55.1 per cent increase from the 706 detached sales recorded in August 2019. The benchmark price of a detached home is $1,491,300. This represents a 6.6 per cent increase from August 2019 and a one per cent increase compared to July 2020. 

Sales of apartment homes reached 1,332 in August 2020, a 19.4 per cent increase compared to the 1,116 sales in August 2019. The benchmark price of an apartment property is $685,800. This represents a 4.5 per cent increase from August 2019 and a 0.5 per cent increase compared to July 2020. 

Attached home sales in August 2020 totalled 620, a 51.6 per cent increase compared to the 409 sales in August 2019. The benchmark price of an attached home is $806,400. This represents a 4.4 per cent increase from August 2019 and a 1.1 per cent increase compared to July 2020.



Market Numbers, Burnaby South August 2020


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Market Numbers, New Westminster August 2020


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Market Numbers, Burnaby South July 2020


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Market Numbers, New Westminster July 2020


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