What a year is an understatement. Let's have an overview of the market, here's what happened.
December continued the strong activity in Greater Vancouver 2020 home sales. Record sales were reported in the region with 2020 sales with a 53.4% increase over 2019. Why December? This is usually our slowest time of the year.
COVID hit in March which is typically our busiest 2nd quarter of the year. When Covid arrived it brought uncertainty, this is something completely new and people were panicking. No one truly knew it or knew what to do therefore people put everything on hold. But time passed and we started to live with this virus then Real Estate became an essential service.
Combine all of that with the lowest interest rates we have experienced EVER and people re evaluating their housing needs. This was fuel for a busy 3rd + 4th quarter of our year.
Across Greater Vancouver sales of detached homes in 2020 reached 1026, a 71.3% increase from December 2019. Benchmarks for sales in 2020 are as follows:
Detached homes - $1,554,600 (10% increase from December 2019)
Apartments - $676,500 (2.6% increase from December 2019)
Townhomes - $813,900 (4.9% increase from December 2019)
Now let’s look at North Vancouver:
Detached homes Benchmark price: $1,702,6001 year change: +12.5%
3 year change: +1.3%
5 year change:+25.0%
Townhomes Benchmark price: $1,010,000
1 year change: +9.2%
3 year change: +2.8%
5 year change: +36.1%
Apartments Benchmark price: $585,800
1 year change: +6.1%
3 year change: +4.3%
5 year change: +47.7%
For information on other areas please contact us directly.