Strong Housing Sales Continued In December
Strong December housing activity propelled Metro Vancouver’s* total home sales 53% higher at 30,93 units compared to 2,016 units a year ago. View homes for sale using this link.
Total Home Sales For 2020
The total Metro Vancouver residential home sales for 2020 as reported by the Real Estate Board of Greater Vancouver (REBGV), recorded a total of 30,944 homes which were 22.1% higher than the 25,351 sales recorded in 2019, and a 25.7% increase from the 24,619 homes sold in 2018.
However, the total 2020 residential home sales for Metro Vancouver was 2.8% below the 10-year sales average.
Metro Vancouver Housing Market Outlook For 2021
The most in demand homes for the second half of 2020 were detached homes under $2.0 million. The change in demand for larger homes for families and work-from-home due to the pandemic are driving the demand for single family detached homes from $800,000 to $2.0 million across the region. This demand trend is expected to continue in 2021, and the lack of supply is expected to continue to provide strong support for detached homes.
Similarly, the strong demand for townhouses are expected to continue into 2021.
Soft Condo Market
Although new condo development sales activities showed some signs of improvement, but sales activities are far off from the strong demand as experienced from 2015 to 2018. The condo segment of the housing market is expected to be challenging for 2021.