Vancouver Real Estate Market Finishes With A Bang In 2020!

December sales were 57.7 percent above the 10-year December sales average and are the highest total for the month on record. Find out what it all means in this month's Vancouver real estate market update video.
Wow! Did the Vancouver real estate market finish the year off with a bang or what? This is your Vancouver real estate market update for January 2021 stick around and I’ll tell you all about 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’m going to cover what’s happened in the Vancouver real estate market in the month of December 2020 and we’ll recap the 2020 year. We’ll also take a look at what might be coming in the first few months of 2021.

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.

The phrase 2020 was a crazy year is as ubiquitous as COVID-19 and for the Vancouver real estate market it was quite a year.
There was a 53.4 percent increase from the sales recorded in December 2019 to those recorded in December 2020 and a 0.9 percent increase from the homes sold from November 2020 to December 2020.

December sales were 57.7 percent above the 10-year December sales average and is the highest total for the month on record. in what’s traditionally the quietest month of the year in real estate the robust December sales outpaced long-term averages.

Looking back over the year, home listings on the (MLS®) in Metro Vancouver reached 54,305 in 2020. This is a 4.6 percent increase compared to the 51,918 homes listed in 2019 and a 1.3 percent increase compared to the 53,614 homes listed in 2018. Last year’s listings total was 2.7 percent below the region’s 10-year average.

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,047,400. This is a 5.4 percent increase compared to December 2019. The benchmark price for apartments increased by 2.6 percent in the region last year. Townhomes increased by 4.9 percent and detached homes increased 10.2 percent.

It’s also interesting to note that home assessed values in Metro Vancouver saw an increase for the first time in 2 years by as much as 10 % in some areas.

After adapting to the COVID-19 environment, local home buyer demand, and seller supply returned at a steady pace throughout the summer, fall, and winter seasons. Shifting housing needs and low-interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021 according to Colette Gerber, the Real Estate Board of Greater Vancouver Chair.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic 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 the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

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

Now that 2021 is here everyone wants to know what is going to happen in the Vancouver real estate market. Well, if last year showed us anything it's that our market has a tendency to defy logic sometimes. Given the current trends, I don’t see things changing much in Q1 of 2021. What is going to be a key factor in determining home price trends this year is the supply of homes for sale.

As I stated earlier, last year’s listings total was 2.7 percent below the region’s 10-year average. Demand for housing has been outpacing supply and that has put upward pressure on home prices. Interest rates also continue to remain at historically low levels and Vancouver continues to be a sought after destination for people around the world.

In my own business, I was incredibly busy right through the Christmas holidays and into the New Year. Usually, there tends to be a slight lull in that first week of the new year but this year has bucked that trend with my phone ringing off the hook for showing requests from agents and buyers.

What this means for sellers is that if you’re thinking of selling your home soon it’s a good time to list. Make sure you reach out to someone like myself for an in-depth market evaluation for your home.

For buyers, you need to be prepared before you head out looking at homes. Make sure you connect with an agent right away. Doing this will save you not only time but money as well. If you require a mortgage for your purchase, get in touch with your bank or a mortgage broker right away to get a pre-approval in place. The condo and townhouse markets are particularly brisk so you need to ensure you have all your ducks in a row so that when you do find the perfect home you can act quickly.

If you need a recommendation for a great mortgage broker, reach out to me and I can provide you with several.

New Technology

2021 is going to fly by. Whether you’re planning on buying a home this year and especially if you’re selling your home, you want to have access to the most information and do as much research as possible. My website gives you all the tools you need to do just that.

On my website, not only can you search for homes in any area but you can also search SOLD listing data for any area as well.

This is incredibly useful for both sellers and buyers. Down in the description below is the link to that functionality on my website. Make sure you check it out.

If you are thinking of selling your home, be sure to reach out to me and let me show you how I market my listings like they’re an HGTV show and by doing so how I sell my client's homes faster and for more money.