Top Real Estate Agents in Vancouver

In December 2020, housing market activity in Vancouver broke an all-time-high for the month with 3,093 homes sold, 57.7% more than the 10-year average for December. The increase in sales activity from November bucks a long-time trend of a seasonal decline in market activity, pointing to sustained demand for housing. Despite the growth in sales volume, average sold prices have not increased as much as other housing markets in Canada.

Benchmark prices in the region stood at just above 1 million, with detached homes pulling up the average with a benchmark price of $1,554,600. This represents an increase of 9% since 2019. Townhouses/attached and condo apartments remain more affordable at $813,900 and $676,500, respectively, with year-on-year increases of 5% and 3%.

Fewer listings were placed this month despite consistent buyer demand, pushing sales-to-listing ratios up above 100% for most of the Greater Vancouver Area. Even high volume areas were affected such as Vancouver East with a sales-to-listings-ratios of 127%, 136%, and 139% for detached, townhouse, and condo apartments respectively. With decreasing inventory and open listings on the market, buyers may have to compete even more for available listings.

With strong promises of stimulus from the Liberal government, including a revamped First-Time Home Buyer program and direct handout programs, promises of a continued low-interest environment by the Bank of Canada, and hopes for a fast rollout of vaccines, there are significant tailwinds for the future of the Greater Vancouver real estate market. However, surging COVID-19 cases, further lock-downs, and a depressed job market threaten to pose strong headwinds to further growth. Lower than average growth in Vancouver real estate compared to Toronto's housing market or Ottawa's housing market may give further room for growth, but Vancouver's already elevated prices may also dampen further growth.

Vancouver Commission Structure

Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Vancouver, the total commission rate is structured as 7% for the first $100,000 of a home’s sale price and 2.5% on the remaining balance. Seller agents usually get half or 50% of this total commission with buyer agents getting the other half. To calculate your real estate commission for Vancouver, see our calculator below. For other cities in B.C., please visit our BC real estate commission calculator page for more information.

Vancouver Real Estate Tools for Buyers and Sellers