Affordable and Quality Construction SVTN's Signature Blend of Cost-Efficiency...
REBGV Statistics Package May 2020
1. News Release
FOR IMMEDIATE RELEASE:
Home prices remain steady, buyers and sellers become more
comfortable operating in today’s market
VANCOUVER, BC – June 2, 2020 – Metro Vancouver* home prices have remained steady
since provincial health officials implemented physical distancing requirements in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that the MLS® Home Price
Index1
composite benchmark price for all residential properties in Metro Vancouver today is
$1,028,400. This is virtually unchanged from April 2020, a 1.4 per cent increase over the last
three months, and a 2.9 per cent increase compared to May 2019.
"Home prices have been stable during the COVID-19 period," Colette Gerber, REBGV Chair
said. "While we’re seeing a variety of long-term projections for the market, it's critical to
understand the facts and trends as they emerge."
Residential home sales in the region totalled 1,485 in May 2020, a 43.7 per cent decrease from
the 2,638 sales recorded in May 2019 and a 33.9 per cent increase from the 1,109 homes sold in
April 2020.
Last month’s sales were 54.4 per cent below the 10-year May sales average.
"Home sale and listing activity is down compared to typical, long-term levels and up compared
to the activity we saw in April 2020," Gerber said. "Home buyers and sellers are adapting today,
becoming more comfortable operating with the physical distancing requirements that are in place
in the market."
There were 3,684 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in May 2020. This represents a 37.1 per
cent decrease compared to the 5,861 homes listed in May 2019 and a 59.3 per cent increase
compared to April 2020 when 2,313 homes were listed.
"Home buyers and sellers are working with their REALTORS® to use new tools to complete
different stages of the real estate transaction virtually," Gerber said. “When in-person
interactions are necessary, we’re working with our clients to follow the physical distancing
requirements set out by WorkSafeBC and the provincial health officer."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,927, a 32.4 per cent decrease compared to May 2019 (14,685) and a 5.7 per cent increase
compared to April 2020 (9,389).
2. For all housing types, the sales-to-active listings ratio for May 2020 is 15 per cent. By housing
type, the ratio is 13.5 per cent for detached homes, 18.9 per cent for townhomes, and 14.8 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.
Sales and benchmark prices by property type
Sales of detached homes in May 2020 reached 534, a 41.5 per cent decrease from the 913
detached sales recorded in May 2019. The benchmark price for detached properties is
$1,456,700. This is a 0.3 per cent increase from April 2020, a 2.2 per cent increase over the past
three months, and a 2.9 per cent increase compared to May 2019.
Sales of apartment homes reached 653 in May 2020, a 47.6 per cent decrease compared to the
1,246 sales in May 2019. The benchmark price of an apartment home is $686,500. This is a 0.3
per cent decrease from April 2020, a 0.9 per cent increase over the past three months, and a three
per cent increase compared to May 2019.
Attached home sales in May 2020 totalled 298, a 37.8 per cent decrease compared to the 479
sales in May 2019. The benchmark price of an attached home is $792,700. This is a 0.2 per cent
increase from April 2020, a 1.2 per cent increase over the past three months, and a 1.8 per cent
increase compared to May 2019.
-30-
*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple
Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,
Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
MLS® Home Price Index 2020 update
1.) The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model
in May. In line with best statistical practices, the MLS® HPI is reviewed annually.
HPI coverage was extended to neighbourhoods where sales volumes picked up enough to support benchmark price
tracking and was discontinued for neighbourhoods where sales became too sparse to support benchmark price
calculations. REBGV also modified sub-areas in Ladner and Tsawwassen to better reflect changes in these
communities over time, changing the composition of neighbourhoods in these areas.
To ensure HPI coverage is consistent and comparable, historical aggregate and composite data has been recalculated
based on revised and consistent coverage.
The real estate industry is a key economic driver in British Columbia. In 2019, 25,351 homes changed ownership in
the Board’s area, generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25.3 billion in 2019.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
3. more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.
For more information please contact:
Craig Munn
Manager, Communication
Real Estate Board of Greater Vancouver
604.730.3146
cmunn@rebgv.org
4. Property Type Area
Benchmark
Price
Price
Index
1 Month
Change %
3 Month
Change %
6 Month
Change %
1 Year
Change %
3 Year
Change %
5 Year
Change %
10 Year
Change %
Residential / Composite Lower Mainland $963,700 270.0 -0.1% 1.5% 4.0% 2.5% 8.2% 56.3% 80.6%
Greater Vancouver $1,028,400 269.8 0.0% 1.4% 4.2% 2.9% 4.6% 48.5% 76.2%
Bowen Island $956,200 207.3 2.4% 5.5% -0.3% -1.0% 9.8% 59.2% 51.0%
Burnaby East $972,000 269.6 1.0% 2.5% 4.5% 3.4% 4.2% 46.6% 76.0%
Burnaby North $895,800 270.5 0.3% 1.8% 4.3% 1.8% 6.2% 53.6% 81.7%
Burnaby South $974,700 275.3 0.8% 0.9% 3.5% 0.3% 3.4% 50.0% 80.9%
Coquitlam $935,900 277.6 0.3% 2.4% 5.9% 4.6% 10.5% 60.9% 93.4%
Ladner $839,700 236.4 0.5% 2.5% 5.9% 3.4% -0.6% 33.6% 57.0%
Maple Ridge $779,100 248.1 0.5% 3.1% 4.6% 2.4% 16.5% 73.9% 79.8%
New Westminster $662,300 291.4 0.2% 1.9% 4.0% 0.4% 14.9% 70.0% 88.1%
North Vancouver $1,067,900 240.0 0.0% 0.7% 4.5% 2.8% 0.9% 40.4% 65.9%
Pitt Meadows $761,400 276.8 -0.2% 2.3% 5.0% 2.9% 20.9% 75.1% 93.6%
Port Coquitlam $768,900 263.2 -0.7% 2.1% 4.1% 3.1% 11.3% 64.9% 80.3%
Port Moody $933,100 257.9 -0.4% 2.5% 4.5% 3.0% 12.0% 61.1% 82.5%
Richmond $934,900 279.1 -0.1% 1.5% 3.6% 2.2% 3.0% 48.1% 72.8%
Squamish $755,200 240.3 -1.5% -2.6% -2.8% -1.2% 8.1% 65.6% 81.1%
Sunshine Coast $590,500 206.9 1.9% 5.5% -0.5% -2.5% 9.6% 60.6% 51.8%
Tsawwassen $928,100 240.6 -0.9% -0.6% 3.5% 1.0% -4.7% 34.1% 65.2%
Vancouver East $1,089,000 323.6 -0.4% 0.6% 4.9% 3.5% 2.1% 48.2% 93.2%
Vancouver West $1,283,000 267.9 -0.3% 0.8% 5.1% 4.2% -1.4% 36.3% 68.9%
West Vancouver $2,142,500 235.9 1.7% 2.5% 2.3% 3.6% -14.5% 13.8% 60.0%
Whistler $896,800 209.0 -1.5% -2.9% -2.3% 0.9% 16.1% 71.5% 60.3%
Single Family Detached Lower Mainland $1,252,000 267.0 0.1% 2.1% 3.7% 2.9% -0.8% 43.2% 79.7%
Greater Vancouver $1,456,700 269.1 0.3% 2.2% 3.5% 2.9% -6.6% 32.0% 73.1%
Bowen Island $956,200 207.3 2.4% 5.5% -0.3% -1.0% 9.8% 59.2% 51.0%
Burnaby East $1,244,600 278.3 2.0% 4.1% 7.3% 7.0% 0.5% 41.8% 81.7%
Burnaby North $1,472,700 284.8 0.2% 3.8% 6.7% 4.6% -5.8% 31.5% 84.8%
Burnaby South $1,529,000 292.7 1.8% 3.4% 2.9% 1.4% -9.1% 30.0% 87.0%
Coquitlam $1,215,200 269.7 -0.2% 3.3% 5.2% 4.4% -1.4% 43.8% 85.7%
Ladner $983,500 235.4 0.3% 2.6% 7.4% 3.8% -2.3% 29.9% 60.4%
Maple Ridge $848,700 241.8 0.8% 3.2% 5.6% 3.2% 11.6% 69.8% 80.2%
New Westminster $1,098,800 274.1 1.5% 4.4% 7.3% 5.0% -1.1% 41.7% 75.7%
North Vancouver $1,543,800 243.1 -0.1% -0.2% 3.1% 2.4% -8.5% 30.1% 68.7%
Pitt Meadows $920,500 259.4 -0.8% 4.1% 5.5% 4.5% 11.7% 63.6% 84.2%
Port Coquitlam $969,100 258.4 -1.3% 1.7% 4.1% 5.1% -0.5% 49.3% 79.6%
Port Moody $1,453,400 268.4 0.8% 3.0% 4.2% 3.4% 1.7% 47.1% 84.3%
Richmond $1,528,400 296.1 -0.1% 1.4% 2.5% 1.6% -10.6% 30.6% 71.1%
Squamish $952,800 251.1 -1.2% -2.3% -2.7% 0.6% 4.2% 65.3% 81.8%
Sunshine Coast $586,300 205.4 1.9% 5.4% -0.3% -2.3% 9.5% 60.5% 50.7%
Tsawwassen $1,087,800 242.4 -1.5% -1.1% 4.0% 2.2% -7.1% 31.0% 70.1%
Vancouver East $1,447,800 318.9 -0.1% 1.2% 4.2% 5.6% -5.6% 32.0% 96.2%
Vancouver West $3,041,100 307.6 0.8% 3.0% 3.3% 2.2% -16.1% 17.4% 67.4%
West Vancouver $2,620,700 247.4 2.1% 3.0% 3.0% 4.1% -15.3% 13.2% 69.3%
Whistler $1,665,700 231.7 1.3% -0.9% 1.9% 5.7% 9.7% 62.9% 66.3%
HOW TO READ THE TABLE:
• Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.
• Price Index: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.
• x Month/Year Change %: Percentage change of index over a period of x month(s)/year(s) *
In January 2005, the indexes are set to 100.
Townhome properties are similar to Attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.
The above info is deemed reliable, but is not guaranteed. All dollar amounts in CDN.
May 2020*
* MLS®, Multiple Listing Service®, and all related graphics are trademarks of The Canadian Real Estate Association 1 of 18
5. Property Type Area
Benchmark
Price
Price
Index
1 Month
Change %
3 Month
Change %
6 Month
Change %
1 Year
Change %
3 Year
Change %
5 Year
Change %
10 Year
Change %
May 2020*
Townhouse Lower Mainland $686,500 249.0 0.3% 1.5% 2.9% 1.8% 11.3% 60.6% 71.6%
Greater Vancouver $792,700 254.3 0.2% 1.2% 2.7% 1.8% 8.3% 53.2% 69.3%
Burnaby East $669,500 247.3 1.8% 1.6% 1.6% 2.0% 9.8% 51.6% 65.8%
Burnaby North $719,300 268.5 -1.2% -1.2% -1.3% -1.5% 6.6% 53.7% 72.3%
Burnaby South $773,400 266.4 -1.0% -0.1% 0.5% -1.0% 4.9% 52.6% 71.4%
Coquitlam $687,300 252.2 1.5% 2.2% 6.7% 2.4% 12.8% 60.3% 79.1%
Ladner $654,100 234.6 0.9% 2.8% 4.7% 5.3% -2.3% 33.7% 48.0%
Maple Ridge $548,400 254.6 0.6% 4.7% 3.6% 0.6% 18.0% 75.5% 77.2%
New Westminster $745,600 273.6 1.7% 1.9% 4.2% 5.8% 11.9% 56.2% 76.3%
North Vancouver $974,200 236.7 -0.9% 2.8% 4.0% 2.2% 2.7% 52.4% 63.8%
Pitt Meadows $633,000 273.9 0.8% 3.2% 7.3% 4.5% 22.5% 76.1% 93.6%
Port Coquitlam $647,200 245.0 -0.8% 4.2% 4.7% 0.7% 11.4% 60.9% 71.8%
Port Moody $648,600 219.2 0.4% 3.0% 4.9% 0.7% 15.6% 46.5% 55.6%
Richmond $793,500 260.6 -0.1% 1.6% 4.2% 2.6% 5.0% 48.2% 65.7%
Squamish $683,100 224.6 -0.4% -4.6% -3.6% -1.5% 14.9% 63.8% 79.4%
Tsawwassen $635,900 249.3 1.3% 1.7% 4.0% 5.1% -0.9% 43.2% 58.2%
Vancouver East $905,000 287.8 1.3% 0.4% 4.1% 2.7% 5.0% 50.7% 80.8%
Vancouver West $1,125,000 263.0 0.1% -1.3% -0.8% 0.8% -0.5% 40.3% 68.7%
Whistler $907,900 218.9 -0.3% -4.5% -3.5% 3.1% 21.6% 72.5% 75.8%
Apartment Lower Mainland $657,300 281.6 -0.5% 1.0% 4.6% 2.3% 18.3% 73.4% 84.8%
Greater Vancouver $686,500 274.5 -0.3% 0.9% 5.0% 3.0% 14.4% 66.3% 80.4%
Burnaby East $746,500 286.4 -0.5% 1.7% 4.0% -0.2% 9.4% 58.1% 75.5%
Burnaby North $623,500 266.2 0.8% 1.7% 4.6% 1.4% 16.9% 77.6% 85.2%
Burnaby South $678,900 272.6 0.9% 0.4% 4.9% 0.4% 11.2% 66.7% 82.8%
Coquitlam $534,300 293.2 0.3% 2.1% 3.1% 3.3% 23.9% 86.8% 105.8%
Ladner $515,500 240.7 0.3% 1.5% 3.4% -1.3% 6.9% 46.2% 55.1%
Maple Ridge $360,500 257.4 -0.1% 1.3% 3.8% 2.8% 31.7% 82.2% 75.1%
New Westminster $524,700 297.3 -0.3% 1.5% 3.4% -0.8% 19.8% 82.1% 91.7%
North Vancouver $577,200 235.4 0.5% 0.6% 5.8% 3.6% 12.8% 52.8% 62.2%
Pitt Meadows $500,100 294.9 -0.1% 1.4% 3.7% 1.4% 28.6% 85.0% 98.3%
Port Coquitlam $463,700 277.3 -0.4% 1.5% 3.5% 2.9% 23.8% 87.2% 83.3%
Port Moody $661,100 275.5 -1.5% 2.2% 5.0% 4.8% 21.1% 86.7% 98.9%
Richmond $652,800 279.5 0.0% 1.7% 4.1% 2.3% 17.8% 73.5% 80.1%
Squamish $480,000 236.6 -3.1% -1.5% -3.4% -5.1% 11.9% 76.8% 81.0%
Tsawwassen $548,000 236.0 0.7% 1.0% 3.0% -2.0% 6.7% 45.8% 53.3%
Vancouver East $595,300 334.6 -1.2% -0.1% 4.9% 1.6% 9.7% 68.7% 89.8%
Vancouver West $801,300 260.0 -0.6% 0.6% 6.8% 5.6% 7.4% 52.0% 72.3%
West Vancouver $1,006,000 204.4 1.0% -0.8% -1.6% -1.6% -5.4% 30.3% 36.4%
Whistler $479,700 187.9 -4.5% -2.9% -3.9% -4.1% 15.6% 83.9% 43.7%
HOW TO READ THE TABLE:
• Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.
• Price Index: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.
• x Month/Year Change %: Percentage change of index over a period of x month(s)/year(s)
In January 2005, the indexes are set to 100. *
Townhome properties are similar to attached properties, a category that was used in the previous MLSLink HPI, but do not included duplexes.
Lower Mainland includes areas serviced by both Real Estate Board of Greater Vancouver & Fraser Valley Real Estate Board.
The above info is deemed reliable, but is not guaranteed. All dollar amounts in CDN.
* MLS®, Multiple Listing Service®, and all related graphics are trademarks of The Canadian Real Estate Association 2 of 18