Metro Vancouver Market update – August 2020

According to the Real Estate Board of Greater Vancouver report (REBGV), there were a total of 3443 listings and home sales in the area totaled 1559 showing a Seller’s Market within the Metro Vancouver.

For all residential properties in Metro Vancouver the average Multiple Listing Service® (MLS®) Home Price Index (HPI) benchmark price is $1,078,800. This shows a 5.5% change over a yearly period and a 1.4% increase compared to the previous month.

Vancouver Market Stats – August 2020

In August there were 819 sales out of a total 1917 residential properties listed in Vancouver. The sales-to-active listings ratio is 45.7% for detached homes, 46.5% for townhomes, and 40.9% for condominiums bringing the average residential property to 42.7% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $2,293,650, a 1% increase from the previous month and a 5.8% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4% compared to the year before, reaching a benchmark price of $1,032,850.

The HPI Benchmark price of a condominium sits at $700,100; a 1.3% increase compared to last month and a 5.9% increase from the same time last year.

North Vancouver Market Stats – August 2020

In August there were 249 sales out of a total 488 residential properties listed in North Vancouver. The sales-to-active listings ratio is 64.8% for detached homes, 74% for townhomes, and 35.9% for condominiums bringing the average residential property to 51% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,614,900, a 0.9% increase from the previous month and a 9.5% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 5.7% compared to the year before, reaching a benchmark price of $1,014,900.

The HPI Benchmark price of a condominium sits at $586,600; a 0.2% increase compared to last month and a 5% increase from the same time last year.

West Vancouver Market Stats – August 2020

In August there were 64 sales out of a total 191 residential properties listed in West Vancouver. The sales-to-active listings ratio is 34% for detached homes, 0% for townhomes, and 35.5% for condominiums bringing the average residential property to 33.5% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $2,671,600, a 0.4% increase from the previous month and a 6% increase from the same time last year.

The HPI Benchmark price of a condominium sits at $1,00,1600; a 0.4% increase compared to last month and a 5.7% increase from the same time last year.

Richmond Market Stats – August 2020

In August there were 334 sales out of a total 668 residential properties listed in Richmond. The sales-to-active listings ratio is 78.7% for detached homes, 53.4% for townhomes, and 31.7% for condominiums bringing the average residential property to 50% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,545,500, a 2.4% increase from the previous month and a 5.9% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4.3% compared to the year before, reaching a benchmark price of $806,900.

The HPI Benchmark price of a condominium sits at $658,000; a 1% increase compared to last month and a 5% increase from the same time last year.

Delta South Market Stats – August 2020

In August there were 93 sales out of a total 179 residential properties listed in Delta South. The sales-to-active listings ratio is 54.1% for detached homes, 41.5% for townhomes, and 57.5% for condominiums bringing the average residential property to 52% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,072,050, a 3.5% increase from the previous month and a 8.2% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 5.3% compared to the year before, reaching a benchmark price of $640,900.

The HPI Benchmark price of a condominium sits at $537,950; a 1.7% increase compared to last month and a 1.3% increase from the same time last year.


About Tien Sher Real Estate Market Updates

At Tien Sher we want to bring you in-depth, accurate, simple, and easy to understand real estate stats and market updates of Metro Vancouver and the rest of the Lower Mainland.  These updates will provide you with a better understanding of the market so that you can make an informed decision when buying or selling property within Metro Vancouver. We present individual real estate market reports for Vancouver, West Vancouver, North Vancouver, Richmond and South Delta as well as an average report for Metro Vancouver.

All our statistics are sourced directly from the REBGV and the MLS®.  To get a more in-depth real estate market updates and analysis every month, sign up below to have our newsletter delivered directly to your inbox.

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