Vancouver Metro home sales the highest on record for September
Home sales in the region saw a 56.2% increase in September, compared with September 2019 and a 19.6% increase compared with August 2020.
The market has been very active thru the summer months and this can be attributed to several factors in my opinion. The main influencers are that the Covid 19 pandemic initially caused a stall in the early spring market due to legitimate concerns of both Buyers and Sellers about the virus, risks associated with buying and selling a home during the pandemic and the effect the virus would have on the market and the economy. As we learned more about the virus from health experts and ways to take safety precautions and follow safety protocols, both Buyers and Sellers started entering the market. The pent-up demand from the stall in the spring and the historically low interest rates have spurred on the market and the momentum has continued in to August and September when traditionally we see less activity as we near the fall months.
September sales were 44.8 per cent above the 10-year September sales average and the highest total on record for the month.
The number of new listings has been increasing during this surge in activity but overall supply levels are down due to the high volume of sales. As a result we are seeing prices slowly edge up over the last few months.
The MLS composite benchmark price for all residential properties saw a 5.8% increase from September 2019 and a 0.3 increase from last month.
If there is one thing, I have learned about the Metro Vancouver Real estate market over the last twenty plus years, it is that this market is unique within Canada and the rest of the world. Negative circumstances affecting other parts of Canada and the world often affect our market in a positive way and make it incredibly resilient when compared with most of the other real estate markets.