Vancouver Real Estate Market Update For May 2020!

There was a 56.1 % decrease from the homes sold between March and April 2020. Last month’s sales were 62.7 % below the 10-year April sales average and the lowest total for the month since 1982! But that's not the whole picture. Get the full story by watching this video.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.
In this video I’m going to cover what’s happened in the Vancouver real estate market in the month of April, what’s coming that could affect the market, and a piece of technology I’m utilizing to make your home selling and buying experience a smoother one. If you want to say up to date on everything you need to live, love, and own here in Vancouver, please hit the subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out.

Let’s dive into it. There was a 39.4 % decrease from the sales recorded in April 2019 to those recorded in April 2020. There was a 56.1 % decrease from the homes sold between March and April 2020. Looking at the broader view, last month’s sales were still 62.7 % below the 10-year April sales average and was the lowest total for the month since 1982. 

Predictably, the number of home sales and listings declined in April given the physical distancing measures in place. People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic. 
Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic. 

Many of the sales recorded in March and April were from those who had already sold and now needed a home to move to as well as others with more urgent housing needs. Inventory is still quite low in Metro Vancouver and there remains a lot of pent up buyer demand.

Take a look at North Vancouver, for example. For detached homes, anything under 1.6 to 1.7 million mark is either in a balanced or Seller's market but above 1.7 million the sales to active ratio drops to 6% which is a buyers market.

For condos and townhomes in North Vancouver, homes under a million dollars are moving well but over a million dollars it’s a different story. The same holds true for condos in Downtown Vancouver.

The affordable products of detached homes, condos, and townhouses are the most sought after right now.

In West Vancouver it’s a buyers market across the board. Both detached homes and attached products are sitting at a 6% sales ratio right now and homes are selling anywhere from 8-13% below list price.

What’s Coming? B.C. has been doing very well managing the COVID-19 crisis and the 3-phase plan to re-open the economy was announced a few days ago. We are certainly not out of the woods yet and we all need to be vigilant and cautious moving forward.
We’re seeing far more innovation in today’s market, with many Realtors embracing different technology to showcase homes virtually, assess neighbourhood amenities with their clients, and handle paperwork electronically.

As we move forward and the number of buyers and viewings of homes increases all of these technologies and new protocols REALTORS have in place will serve the public very well.

When you’re looking for a home knowledge is key and the Snap Stats market reports are a great way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get either the Metro Vancouver or Greater Vancouver reports.

If you’re watching this on Youtube, in the description section below is a link to a sample report which I send to my clients on a monthly basis.

You can review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

New Technology:

Since COVID-19 began, my business has been completely set up to continue operating at 100% capacity. I like many other REALTORS® have been working to help and guide my clients through this uncertain period.

This means if you need to list your home right now or in the next month, The professional photos, floor plans, cinematic listing videos, and 3-D virtual tours I shoot for every listing will help set your home apart and get it sold quickly.

I’m also run a paperless office so, I’m set up to do video conferencing and electronic signatures for any buyer and their agent who may be interested in your home.

If you’re moving or planning on moving to the Metro Vancouver area soon and want to know more about specific neighbourhoods, I’ve shot a ton of neighbourhood videos around Metro Vancouver and will be shooting many more areas in the coming months.

You can find them here:

For buyers, I’m able to offer both virtual showings and in-person showings. We’ll work through the process of narrowing down the homes you’re interested in by viewing photos, videos, floor plans, and 3-D virtual tours of those homes first.

In-person showings however, will be limited to only those homes you are most interested in purchasing.