Vancouver Real Estate Market Update For June 2020!

A 33.9% increase in sales from April to May 2020, a bombshell CMHC announcement, and a secret tactic that helped my latest listing get sold in 2 days, with multiple offers, and above asking price. Find out what it all means in this month's Vancouver real estate market update video.

This is your Vancouver real estate market update for June 2020 and we’re getting after it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC.

In today’s video, I’ll be accompanied by Karen Gibbard of Gibbard Group Financial. 

We’re going to cover what’s happened in the Vancouver real estate market in the month of March, 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.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out.

I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s dive into it. While there was a 43.7 percent decrease from the sales recorded in May 2019 to those recorded in May 2020, there was a 33.9 % increase from the homes sold between April and May 2020.

Looking at the broader view, last month’s sales were 54.4 % below the 10-year May sales average.

Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March.

The benchmark price for all residential properties in Metro Vancouver today is $1,028,400. This is virtually unchanged from April 2020, a 1.4 percent increase over the last three months, and a 2.9 percent increase compared to May 2019.

Home sale and listing activity are down compared to typical, long-term levels and up compared to the activity we saw in April 2020.

Homebuyers and sellers are adapting today and becoming more comfortable operating with the physical distancing requirements that are in place in the market

When you’re buying or selling 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. I

f 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.

What’s Coming?

CMHC has just announced Effective July 1, 2020, first-time buyers will find buying a home more difficult if they want mortgage insurance through the Canada Mortgage and Housing Corporation.

To speak in-depth on this is Karen Gibbard of Gibbard Group Financial.

New Technology.

Over the past 3 months, I’ve seen an uptick in real estate agents using social media to market their listings which is fantastic. 

Make sure you’re asking the agents you’re interviewing to list your home what their results are from their social media marketing because there is a big difference between throwing up a post on Facebook or Instagram and knowing how to run effective, targeted ads on Facebook and other platforms.

I’ve been a community market leader for years now and I’ll use a recent listing of mine to illustrate what kind of results you should be looking for from the agents you’re hiring to list and market your homes particularly now that open houses are no longer allowed in Metro Vancouver because of COVID-19?

This is how I do it. I always shoot a Coming Soon video to promote, build interest, and anticipation for the home. 

I run this video in an ad on YouTube and Facebook for 1 week prior to the listing even hitting the MLS.

During this week I have a cinematic listing video professionally filmed marketing your home like its an HGTV show. Once the listing goes live on the MLS I then run this cinematic listing video in an ad on Facebook and Youtube.

So what’s the difference between posting something on Facebook or even boosting that post versus running a Facebook dark-post?

Posting something on Facebook limits you to the number of friends you may have and puts you at the mercy of the Facebook algorithm to share that post with those friends. 

Boosting your post allows you to broaden the reach beyond your sphere of friends but it is not effective enough.

A Facebook dark-post requires knowledge of how to go into the back-end of Facebook and it’s ads manager in order to run a targeted ad to only those people who may be interested in your home.

These ads will never be seen by anyone other than whom I’ve selected to view them. And one can get incredibly specific about who to target. You can select parameters by age, location, and income level just to name a few.

So let’s get back to my latest listing and let me show you my results.

In the week prior to the home hitting the MLS, 3,000 people viewed the Coming Soon video. 

Once the home hit the MLS and I started running the Listing Video ads this is what happened.

The ad on YouTube was viewed by 4,500 people in 2 days. The ad on Facebook reached over 20,000 people in 2 days. 10,000 of whom watched the video and 4,000 of those people clicked through to my website to view the listing details.

The home sold in 2 days, with multiple offers, for above-asking price.

This is the power of not just filming an amazing video for your home but knowing how to effectively target those people who may be interested in buying it.