Categories: Home2News

Greater Vancouver home sales start to tick up, with prices holding steady

Home sales in the Greater Vancouver area are starting to return to more typical levels after dipping to four-decade lows in April, while prices continue to edge up from 2019.

Residential sales last month reached 2,443, a 64.5 per cent jump from May and a 17.6 per cent year-over-year increase.

The figure still hovered 21.9 per cent below the 10-year sales average for June.

Board chair Colette Gerber said realtors and their clients are getting more used to exploring and showcasing homes remotely through video tours and floor-plan reviews as buyers and sellers alike acclimate to health protocols amid the COVID-19 pandemic.

“Much more of the real estate transaction is happening virtually today,” Gerber said in a release Friday.

“Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

New home listings rose 21.8 per cent to 5,787 in June compared with a year earlier, a leap of 57.1 per cent from May, the board said.

The sales-to-active listings ratio was 21.4 per cent, well outside the range analysts consider as signalling potential for downward pressure on prices.

Prices have held steady over the last few months, with the composite benchmark index price at $1.03 million in June.

The figure marks a 0.3 per cent dip compared to May but a 3.5 per cent boost from June 2019.

In April, home sales in the Greater Vancouver area hit their lowest levels in nearly 40 years due to fallout from the virus, and experts said price declines could be expected to follow eventually.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

The Canadian Press

Leave a Comment
Share
Published by
The Canadian Press
Tags: Real estate

Recent Posts

Captain Horvat’s OT marker lifts Canucks to 4-3 win over Blues

Vancouver takes 2-0 lead in best-of-7 NHL playoff series with St. Louis

12 hours ago

PHOTOS/VIDEO: Wings and Wheels set for weekend lift-off in Abbotsford

Fundraiser to raise money for Crystal Gala Foundation and the fight against breast cancer

14 hours ago

Widow of slain Red Deer doctor thanks community for support ahead of vigil

Fellow doctors, members of the public will gather for a physically-distanced vigil in central Alberta

15 hours ago

UPDATE: Undercover video shows alleged animal abuse at Abbotsford egg farm

One employee wearing logo of Chilliwack chicken-catching company already facing abuse charges

15 hours ago

Protesters showcase massive old yellow cedar as Port Renfrew area forest blockade continues

9.5-foot-wide yellow cedar measured by Ancient Forest Alliance campaigners in Fairy Creek watershed

16 hours ago