{"id":16865,"date":"2020-11-23T10:10:00","date_gmt":"2020-11-23T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16865"},"modified":"2020-11-05T14:49:18","modified_gmt":"2020-11-05T22:49:18","slug":"metro-housing-sales-set-another-record-level-despite-dire-predictions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-housing-sales-set-another-record-level-despite-dire-predictions\/","title":{"rendered":"Metro Housing Sales Set Another Record Level Despite Dire Predictions"},"content":{"rendered":"<p style=\"text-align: justify;\">October Metro Vancouver housing sales soared 29% from the same month a year earlier to the second-highest October sales level in history and prices jumped 6% year-over-year, defying consistent and credible predictions of a pandemic-induced collapse.<\/p>\n<p style=\"text-align: justify;\">On October 29, analysts from the Royal Bank of Canada (RBC), the biggest mortgage lender in the country, warned that a decline in immigration would \u201cupend\u201d Vancouver\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">The condominium market is especially exposed, the report cautioned.<\/p>\n<p style=\"text-align: justify;\">\u201cCOVID-19 has severely disrupted the flow of immigrants moving to Canada \u2014 a major source of [Metro Vancouver] housing demand,\u201d senior RBC economist Robert Hogue stated in his report.<\/p>\n<p style=\"text-align: justify;\">A month earlier, Moody\u2019s Analytics forecast a sharp downturn in Vancouver-area housing sales in the third quarter, forecasting that average home prices would plunge by 7% before a tepid recovery in 2021.<\/p>\n<p style=\"text-align: justify;\">Canada Mortgage and Housing Corp., the federal housing agency, has been predicting a downturn in the Metro Vancouver housing market since May. Its summer outlook doubled down, predicting the \u201c[Metro Vancouver] resale market sales will contract and remain low for the balance of 2020 and begin to recover in 2021.\u201d<\/p>\n<p style=\"text-align: justify;\">Despite these predictions, the Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29% increase from October 2019, and a 1.2% increase from September 2020. Last month\u2019s sales were 34.7% above the 10-year October sales average and the second highest on record for the month.<\/p>\n<p style=\"text-align: justify;\">The October composite benchmark price for homes in Metro Vancouver is currently $1.04 million, up 6% from a year earlier and a 0.4% higher than in September 2020.<\/p>\n<p style=\"text-align: justify;\">\u201cWith demand on the rise, homes priced right for today\u2019s market are, at times, garnering multiple offers,&#8221; noted REBGV president Collette Gerber.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in October soared 42.3% compared to October 2019. The benchmark price for a detached house is now $1.52 million. This represents an 8.5% increase from October 2019 and a 1.1% increase compared to September 2020.<\/p>\n<p style=\"text-align: justify;\">Townhouse sales in October totalled 782, a 45.9% increase compared to October 2019. The benchmark price of an attached home is $813,000, a 5.4% increase from October 2019 and a 0.4% increase compared to September 2020.<\/p>\n<p style=\"text-align: justify;\">Sales of condominium apartments reached 1,570 in October, a 13.4% increase compared to October 2019. The benchmark price of an apartment property is up 4.4% from a year ago to $683,500, according to real estate board data.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/11\/vancouver-homebuyers-continue-defy-skeptics\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Homebuyers Continue to Defy The Skeptics<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>October Metro Vancouver housing sales soared 29% from the same month a year earlier to the second-highest October sales level in history and prices jumped 6% year-over-year, defying consistent and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/metro-housing-sales-set-another-record-level-despite-dire-predictions\/\">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-16865","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Housing Sales Set Another Record Level Despite Dire Predictions &#8226; 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