{"id":15913,"date":"2020-06-24T10:10:00","date_gmt":"2020-06-24T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15913"},"modified":"2020-06-18T14:57:07","modified_gmt":"2020-06-18T21:57:07","slug":"home-sales-in-greater-vancouver-are-ahead-of-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/home-sales-in-greater-vancouver-are-ahead-of-y-y\/","title":{"rendered":"Home Sales in Greater Vancouver are Ahead of Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver home sales rose in the first 15 days of June when compared to the same period in 2019.<\/p>\n<p style=\"text-align: justify;\">This is the first time sales have increased relative to 2019 totals since the first half of March, before the pandemic took hold and froze up the Vancouver region\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">There were 1,064 home sales in the Greater Vancouver Area in the first half of June, according to MLS data published Wednesday by Dexter Realty Managing Partner Kevin Skipworth. That\u2019s up a modest one percent compared to the same period in 2019 and 55 percent over the first half of May 2020.<\/p>\n<p style=\"text-align: justify;\">While the year-over-year rise in sales may sound paltry, especially when considering 2019 was already a below average year for Vancouver home sales, Skipworth believes the momentum is a positive signal for the market.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales in Greater Vancouver are ahead of where they were at this time last year in June \u2013 marginally, but ahead,\u201d wrote Skipworth in an email on Wednesday.<\/p>\n<p style=\"text-align: justify;\">\u201cConsidering where we\u2019ve been, that\u2019s a positive step in the real estate market and a sign of how much pent up demand and supply exists. Since the middle of May, the market has shown more activity and June is carrying on with that theme,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">New listings also picked up in June\u2019s first half over the same time in 2019, with 3,043 homes listed compared to 2,651 last year. Skipworth noted, however, that total active listings in Greater Vancouver were still significantly below where they stood last year, 11,555 by mid-June compared to 15,697 at the same point in 2019.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s housing market was considered a buyer\u2019s market through 2019, with the number of active listings on the market easily meeting demand to give buyer\u2019s the upper hand in transactions. This dynamic shifted in early 2020 as supply fell and demand began rising. But, as the pandemic\u2019s effects wear on and supply begins to rise, this trend is expected to flip once again.<\/p>\n<p style=\"text-align: justify;\">While the shift to a buyer\u2019s market is playing out at the national level, RBC Senior Economist Robert Hogue expects Vancouver will see buyers in control earlier than other markets.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect the increase in [housing] supply to tip the scale in favour of buyers in many markets across Canada, some sooner than others. Vancouver and other BC markets, for example, could see buyers calling the shots as early as this summer,\u201d wrote Hogue.<\/p>\n<p style=\"text-align: justify;\">But regardless of who\u2019s calling the shots in the market, Skipworth struck an optimistic tone about Vancouver\u2019s real estate recovery as the province continues its reopening effort.<\/p>\n<p style=\"text-align: justify;\">\u201cWith the economy continuing to open, continued record low interest rates and homeowners re-evaluating the homes they live in, there are strong fundamentals in the real estate market \u2013 even with the pandemic still gripping us,\u201d he wrote.<\/p>\n<p style=\"text-align: justify;\">\u201cWith Phase 3 of the British Columbia\u2019s Restart Plan shifting into gear, there is more optimism within the province which will aid in an improving real estate market,\u201d Skipworth added.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/06\/vancouver-housing-first-sales-increase-since-pandemic.html\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Housing Market Sees First Sales Increase Since Pandemic Hit<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver home sales rose in the first 15 days of June when compared to the same period in 2019. This is the first time sales have increased relative to 2019 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/home-sales-in-greater-vancouver-are-ahead-of-y-y\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15913","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Sales in Greater Vancouver are Ahead of Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/home-sales-in-greater-vancouver-are-ahead-of-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Sales in Greater Vancouver are Ahead of Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver home sales rose in the first 15 days of June when compared to the same period in 2019. 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