The first two weeks of March were the biggest of 2020, where multiple offers were becoming more and more common throughout Metro Vancouver. Even with COVID-19, the month saw steady activity and a 46.1% (+797) increase in home sales compared to March 2019.
Here are some other highlights from the report.
𝗗𝗲𝘁𝗮𝗰𝗵𝗲𝗱, 𝗔𝘁𝘁𝗮𝗰𝗵𝗲𝗱 𝗮𝗻𝗱 𝗔𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝗦𝗮𝗹𝗲𝘀 𝗨𝗽
While a majority of home sales came in the early part of the month, overall sales were up for all housing-types.
There were 852 total 𝗱𝗲𝘁𝗮𝗰𝗵𝗲𝗱 𝗵𝗼𝗺𝗲𝘀 sold in March 2020, which is a 61.1% spike from March of last year.
𝗔𝘁𝘁𝗮𝗰𝗵𝗲𝗱 𝗵𝗼𝗺𝗲𝘀 saw 493 homes sold, which represented a 51.7% increase compared to last year.
A steady increase in the amount of 𝗮𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝘀𝗮𝗹𝗲𝘀 in the region, where 1,179 homes were sold, which was a 35.1% increase from March 2019’s 873.
𝗕𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸 𝗣𝗿𝗶𝗰𝗲 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲
The benchmark price for all residential properties in Metro Vancouver is currently at $1,033,700 – a 2.1% increase from March last year. Compared to February of this year, the median price saw a 1.3% increase.
𝗥𝗲𝗮𝗹𝘁𝗼𝗿𝘀 𝗻𝗮𝗺𝗲𝗱 “𝗔𝗻 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗦𝗲𝗿𝘃𝗶𝗰𝗲”
The province announced that realtors were on the list of essential services last week. While following a strict code of distancing and hygiene conduct, there’s urgency amongst sellers to sell (below asking in some cases) in fear their home may not sell and buyers (who were going to buy at this time of year anyway) taking advantage of the lower interest rates.