Vancouver home prices keep rising

May 15, 2020

Housing sales across B.C.’s Lower Mainland cratered in April—the first full month since the COVID-19 crisis hit, but benchmark prices increased in both Greater Vancouver and the Fraser Valley from a year earlier.
Metro Vancouver home sales in April were the lowest total for the month since 1982, according to new data from the Real Estate Board of Greater Vancouver (REBGV). 
Yet the April benchmark price for all Greater Vancouver homes was $1,036,000—2.5 per cent higher than April 2010 and up 0.2 per cent from March 2020.
Sales in the Fraser Valley were down 50 per cent from a year earlier to a level last seen 38 years ago.
Across the REBGV region, 1,109 homes changed hands last month. This is a 39.4 per cent drop year-over-year and a 56.1 per cent decline compared with March 2020.
The Fraser Valley Real Estate Board saw a 52 per cent decline in sales compared to March 2020—a level last seen in April of 1983.
In the Fraser Valley, the benchmark detached house price in April was $993,400—up 0.5 per cent compared to March and 3 per cent higher than in April 2019—while townhouse prices advanced 1.9 per cent year-over-year and condominium prices were up a slim 0.8 per cent from April 2019.