Greater Vancouver Market Update – August 2020

According to the Real Estate Board of Greater Vancouver report (REBGV), there were a total of 2281 listings and home sales in the area totaled 1026 showing a Seller’s Market within the Greator Vancouver.

For all residential properties in Greator Vancouver the average Multiple Listing Service® (MLS®) Home Price Index (HPI) benchmark price is $795,500. This shows a 4.7% change over a yearly period and a 0.2% increase compared to the previous month.

Burnaby Market Stats – August 2020

In August there were 359 sales out of a total 720 residential properties listed in Burnaby. The sales-to-active listings ratio is 60.1% for detached homes, 55.2% for townhomes, and 44.7% for condominiums bringing the average residential property to 49.9% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,430,000, a 0.6% increase from the previous month and a 7.1% 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 $747,700.

The HPI Benchmark price of a condominium sits at $663,900; a -1.3% decrease compared to last month and a 2.1% increase from the same time last year.

New Westminster Market Stats – August 2020

In August there were 161 sales out of a total 281 residential properties listed in New Westminster. The sales-to-active listings ratio is 69.4% for detached homes, 60.9% for townhomes, and 53.2% for condominiums bringing the average residential property to 57.3% determining a Seller’s Market for the month

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,098,800, a 0.9% increase from the previous month and a 6.3% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 8.5% compared to the year before, reaching a benchmark price of $765,000.

The HPI Benchmark price of a condominium sits at $528,400; a -0.4% decrease compared to last month and a 4.3% increase from the same time last year.

Coquitlam Market Stats – August 2020

In August there were 189 sales out of a total 405 residential properties listed in Coquitlam. The sales-to-active listings ratio is 57.8% for detached homes, 59.1% for townhomes, and 30.6% for condominiums bringing the average residential property to 46.7% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,229,600, a 0.1% increase from the previous month and a 6.3% 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 $688,900.

The HPI Benchmark price of a condominium sits at $529,000; a 0% increase compared to last month and a 0.9% increase from the same time last year.

Port Coquitlam Market Stats – August 2020

In August there were 102 sales out of a total 166 residential properties listed in Port Coquitlam. The sales-to-active listings ratio is 79.6% for detached homes, 57.1% for townhomes, and 52% for condominiums bringing the average residential property to 61.4% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $993,500, a 1.4% increase from the previous month and a 9.4% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4.6% compared to the year before, reaching a benchmark price of $656,400.

The HPI Benchmark price of a condominium sits at $462,900; a 0.2% increase compared to last month and a 5.6% increase from the same time last year.

Port Moody Market Stats – August 2020

In August there were 85 sales out of a total 111 residential properties listed in Port Moody. The sales-to-active listings ratio is 60.5% for detached homes, 82.9% for townhomes, and 86.8% for condominiums bringing the average residential property to 76.6% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,467,500, a 1.8% increase from the previous month and a 3.3% increase from the same time last year.

For townhomes, the HPI Benchmark price dropped -0.5% compared to the year before, reaching a benchmark price of $652,500.

The HPI Benchmark price of a condominium sits at $634,200; a -4% decrease compared to last month and a 1.9% increase from the same time last year.

Maple Ridge Market Stats – August 2020

In August there were 130 sales out of a total 598 residential properties listed in Maple Ridge. The sales-to-active listings ratio is 22.7% for detached homes, 25% for townhomes, and 15.9% for condominiums bringing the average residential property to 21.7% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $857,200, a 0.4% increase from the previous month and a 4.8% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 5.9% compared to the year before, reaching a benchmark price of $553,400.

The HPI Benchmark price of a condominium sits at $362,500; a 0.4% increase compared to last month and a 3.1% 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 Greater 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 Greater Vancouver. We present individual real estate market reports for Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody and Maple Ridge as well as an average report for Greater 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.