Quote by Jeffrey S.,I guide my clients to success in the purchase or sale of their biggest and most important ...
Quote by Matin H.,I am a strategic and experienced Realtor who gets things done!...
Quote by Jolene H.,The focus is always the people 1st and the transaction 2nd while keeping our clients inter...
Quote by Erin O.,Known for my ability to find out of the box properties and solutions....
Quote by Elsa L.,The only realtor in 2 countries serving Greater Vancouver, BC of Canada and WA of USA. Se...
Quote by Jeffrey S.,I guide my clients to success in the purchase or sale of their biggest and most important ...
Quote by Matin H.,I am a strategic and experienced Realtor who gets things done!...
Quote by Jolene H.,The focus is always the people 1st and the transaction 2nd while keeping our clients inter...
Quote by Erin O.,Known for my ability to find out of the box properties and solutions....
Quote by Elsa L.,The only realtor in 2 countries serving Greater Vancouver, BC of Canada and WA of USA. Se...
Vancouver Real Estate News: August 2020 Update and 2021 Forecast
Home transactions in Vancouver for the month of September broke a new all-time record at 3,643 properties sold, a 44.8% increase over the 10-year average for September and a 56.2% increase compared to Sept. 2019. Prices have kept going up with the MLS Benchmark Price for all property types increasing by 0.3% compared to September to $1,041,300.
Demand is still outpacing supply with a sales-to-listings ratio of 27.8% Detached homes in Vancouver spend an average of 40 days on the market while townhouses and apartments are at 33 and 32 days, respectively. Sales of detached homes and townhouses have grown tremendously compared to 2019 with 76.8% and 73% increase respectively.
Record-low mortgage rates and pent up demand have pushed real estate sales to new highs despite the uncertainty caused by COVID-19. This growth, however, still pales in comparison to Toronto housing pricesor Ottawa housing prices, which have increased by more than 10% and 19% year over year respectively, and continue to show signs of exuberance.
This increase follows recent announcements by the Bank of Canada promising continued Quantitative Easing and low interest rates into 2021. In addition, Prime Minister Justin Trudeau and the Federal Government have announced the extension of the Canadian Emergency Wage Subsidy until the end of 2020. While the continued effect of British Columbia's speculation and vacancy taxes remains a headwind, loose monetary policy continues to drive real estate upwards.
Ban on Evictions Ends September 1st
Rent payments will be back in force after September 1st when the previous ban on evictions of renters who've fallen behind on rent ends. However, renters cannot be evicted for non-payment of rent in the emergency period and must be allowed a repayment plan that gives them until July 2021 to repay the missing rent.
According to B.C. Municipal Affairs and Housing, nearly 85,000 British Columbians are benefitting from the rent deferral program (July 9). The end of the program and the resulting evictions may impact the B.C. and Vancouver rental housing market.
Vancouver Housing Market Statistics for All Property Types in September 2020
Agents Who Offer a Commission As Low As 1%
Agents Who Offer a Commission As Low As 1%
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
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.